cap region unemployment 10yr 2009-11

Sideways

cap region unemployment

The Capital Region's unemployment rate since the start of the recession.

The Capital Region's unemployment rate was 7 percent in October, according to NYS Department of Labor data released today. That's up from 4.9 percent during the same period last year. It's basically unchanged from last month.

The labor department reports that the number of nonfarm jobs has decreased by 12,100 (2.7 percent) and the number of private sector jobs has decreased by 9,200 (2.7 percent) in the region over the last year.

The Capital Region is still doing better than both the state and country as a whole. The overall unemployment rate for New York State was 9 percent in October (8 percent everywhere except NYC) and 10.2 percent for the US.

We've updated our 10-year graph of Capital Region unemployment -- it really gives you perspective on how unusual the current labor market is.

The federal government reported last month that the national economy has begun growing again (well, GDP has).

Job growth often lags GDP growth, though. During the last national recession, the Capital Region's unemployment rate didn't start falling until three months after the recession ended. The state labor department reported that NYS lost 15,300 non-farm jobs last month.

Big chart notes: 10 year data from the federal Bureau of Labor Statistics -- except for this year's data, which is from NYS DOL. Recession data from NBER. The figures were not seasonally adjusted.

Comments

Glad I got a job here (science) in April 2008. And to think, I was hoping the job market would improve back in 2001.

> Job growth often lags GDP growth

Often? It always does, practically has to, and usually lags by years. Why use MSM-speak? Why not speak plainly?

LQ

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

All that remains of the Quintessence building

After hearing today that the former Quintessence diner building on New Scotland Ave in Albany had been demolished, we stopped for a look. All that... (more)

We're all fodder for the data-industrial complex

There's an ongoing conversation, both here in the Albany area and elsewhere, over how long law enforcement agencies should be allowed to hold onto location... (more)

Capital Region ice skating spots 2015

The long stretch of cold weather this month and (until now) lack of snow has made for some good outdoor ice skating. There are a... (more)

The Best Dozen: Hannaford

We've enlisted Daniel B. to survey Capital Region donut shops -- and pick his favorite donuts -- for a short series called The Best Dozen.... (more)

Modern Farmed

Modern Farmer -- the Hudson-based magazine/website that attracted so much attention over its first year of publication -- is now in limbo after its founder... (more)

Recent Comments

[A]nother factor that allows some politicians to slide into corrupt practices is the overriding notion that if they hadn't chosen to become "public servants" that they'd be making mega bucks on the corporate world. Which maybe they would. But it seems to give them license (in their own minds) to exploit any ethical grey area to make up for that loss of income.

Sufjan Stevens at The Palace

...has 4 comments, most recently from Paul

Downtown Albany, before and after

...has 1 comment, most recently from Alisa

The Love Story Masquerade

...has 5 comments, most recently from Hmmmm

Chocolate Gecko for sale

...has 4 comments, most recently from Uncle Sam's All American Chocolate Factory

timesunionPLUS

...has 11 comments, most recently from Jessica R W