Overall unemployment rate moved up to 4.4% with the biggest shift in Restaurants & Hotels, which lost 3,300 roles, based on the most recently available information published in March 2023.
Total employment in the Buffalo-Cheektowaga-Niagara Falls, NY market declined by 3,122 jobs in January and the unemployment rate increased compared to the prior month by 120 bps to 4.4%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Buffalo-Cheektowaga-Niagara Falls, NY unemployment rate is 54 bps above the national rate which is a negative sign.
- Unemployment in the market is equal to the unemployment rate in the market last year at this time.
- Average wages (per hour) declined in January versus prior month by -0.7% 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: 99,900; -1,900
- Education & Healthcare: 92,200; -1,200
- Government: 87,400; -1,500
- Business Services: 73,200; -1,600
- Manufacturing: 54,300; -300
- Restaurants & Hotels: 50,700; -3,300
- Financial Services: 32,700; -1,000
- Other Jobs: 24,100; +100
- Construction, Mining: 20,300; -1,000
- IT & Development: 5,500; -200
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.