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

A quick recap of the week

Here are a few highlights from the past week on AOA: + The finalists for the AOA Startup Grant pitched their ideas to the judges,... (more)

Goodbye, bison

here are the loose bison surrounding my car earlier pic.twitter.com/PoWYsppyEK— Patrick Dodson (@patrickdodson) April 24, 2015 The Daily Gazette's Patrick Dodson captured the best photos... (more)

Albany red light camera program set to start soon

The city of Albany's red light camera system will start operating within the next two months, the Albany Police Department said Friday as part of... (more)

Stuff to do this weekend

Ready, set... weekend. There is no shortage of things going on in the Capital Region this weekend. You may not have time to do them... (more)

Morning Blend

Normanskill Some residents along the Normanskill say they're still worried about potential flooding from the landslide this week. The city of Albany announced Friday morning... (more)

Recent Comments

While I understand why they're saying there isn't enough demand, I also am positive I would use cabs more if they were even slightly more affordable and reliable. I have zero interest in using the taxis in Albany, and would rather alter my plans (if possible) than use their service. I feel like the cab companies are saying this is a demand issue, when really it's just a "I dislike you so much, I'd rather find ANY alternative to avoiding you" issue.

Stuff to do this weekend

...has 4 comments, most recently from nicole k

Spring plant sales 2015

...has 6 comments, most recently from Megan m

Albany red light camera program set to start soon

...has 4 comments, most recently from Lint

Goodbye, bison

...has 1 comment, most recently from Ron

Morning Blend for Apr 24

...has 1 comment, most recently from JustJoe