Overall unemployment rate moved down to 2.8% with the biggest shift in Restaurants & Hotels, which lost 2,900 roles, based on the most recently available information published in November 2022.
Total employment in the Albany-Schenectady-Troy, NY market rose by 1,205 jobs in September and the unemployment rate decreased compared to the prior month by 50 bps to 2.8%. The national unemployment rate decreased by 47 bps over the same time to 3.3%.
- Albany-Schenectady-Troy, NY unemployment rate is 52 bps below the national rate which is a positive sign.
- Unemployment in the market is 80 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September versus prior month by 2.8% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.3% . Key sectors include:
- Government: 95,400; +2,700
- Education & Healthcare: 92,100; +2,700
- Transportation & Utilities: 75,000; +400
- Business Services: 59,900; -600
- Restaurants & Hotels: 35,200; -2,900
- Financial Services: 26,700; -500
- Manufacturing: 25,300; -500
- Construction, Mining: 20,900; +100
- Other Jobs: 17,600; no change
- IT & Development: 7,400; -100
Data is based on the most recent 12 months available, through September 2022 (Data published November 2022 and reports created on November 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.