Overall unemployment rate moved up to 4.5% with the biggest shift in Transportation & Utilities, which lost 3,400 roles, based on the most recently available information published in March 2022.
Total employment in the Buffalo-Cheektowaga-Niagara Falls, NY market rose by 1,239 jobs in January and the unemployment rate increased compared to the prior month by 120 bps to 4.5%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- Buffalo-Cheektowaga-Niagara Falls, NY unemployment rate is 7 bps above the national rate which is a negative sign.
- Unemployment in the market is 340 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 6.1% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.2%. Key sectors include:
- Transportation & Utilities: 97,900; -3,400
- Education & Healthcare: 91,700; -1,100
- Government: 81,500; -600
- Business Services: 66,100; -2,000
- Manufacturing: 51,000; -700
- Restaurants & Hotels: 49,400; -2,300
- Financial Services: 34,100; -200
- Other Jobs: 23,300; no change
- Construction, Mining: 19,300; -1,500
- IT & Development: 5,800; no change
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.