Overall unemployment rate moved up to 4.0% with the biggest shift in Government, which lost 6,100 roles, based on the most recently available information published in August 2022.
Total employment in the Buffalo-Cheektowaga-Niagara Falls, NY market declined by 5,326 jobs in July and the unemployment rate increased compared to the prior month by 40 bps to 4.0%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- Buffalo-Cheektowaga-Niagara Falls, NY unemployment rate is 22 bps above the national rate which is a negative sign.
- Unemployment in the market is 160 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 1.2% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.4%. Key sectors include:
- Transportation & Utilities: 99,900; -1,100
- Education & Healthcare: 93,100; +800
- Government: 79,300; -6,100
- Business Services: 69,600; +500
- Restaurants & Hotels: 58,300; -2,100
- Manufacturing: 52,000; -200
- Financial Services: 34,500; +200
- Other Jobs: 24,500; -100
- Construction, Mining: 22,600; +200
- IT & Development: 5,900; +100
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.