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

More time to swim

The Cuomo admin announced Tuesday it's extending the open hours for the Victoria Pool at Saratoga Spa State Park and the beaches at Thompson's Lake,... (more)

Finding the History of Your House at SCHS

This area has a lot of old homes, which have had many residents, who in turn have many stories. An event at the Schenectady County... (more)

Design Disruptors at Overit

This could be some quality design nerding: Overit in Albany will be screening the new documentary Design Disruptors Tuesday (July 26) at 6 pm (snacks... (more)

Morning Blend

Questions about potential Palace sale The proposed sale of the Palace Theatre from the city of Albany to the non-profit that runs the venue needs... (more)

What's new? Apartments.

It seems like every month or so there's an announcement of some new apartment project around the Capital Region. And, as it turns out, the... (more)

Recent Comments

... If anything, the city could be criticized for NOT influencing the construction or requirements to construct affordable housing into larger market rate projects. Take that one step further - affordable housing requirements on development aren't even considered as part of the city's first comprehensive zoning code overhaul since 1968.

Suggestions for a tile installer (including one who might not mind an assistant)?

...has 5 comments, most recently from Jamie

Finding the History of Your House at SCHS

...has 1 comment, most recently from Otis Maxwell

The first group of Park South redevelopment apartments are renting -- and there's a Chipotle going in there

...has 26 comments, most recently from Tim in Waterford

What's new? Apartments.

...has 3 comments, most recently from ace

Where the wild things aren't... yet

...has 10 comments, most recently from Deborah ford