2023 Unemployment Update

The monthly unemployment reports from the New York State Department of Labor offer insights into emerging trends. Unemployment rates in 2023 for the Capital Region and New York State peaked in January at 3.5% (Capital Region) and 4.6% (NYS), respectively. From January 2023 to April 2023, unemployment in both the Capital Region and New York State continued to decrease, with April 2023 boasting the lowest unemployment rate of the Capital Region since October 2022 at 2.3%.

Starting in May 2023, unemployment began to gradually increase in both New York State and the Capital Region. Between May 2023 and September 2023, the Capital Region saw an increase in unemployment rates from 2.7% to 2.9%, and New York State saw a similar trend from 3.8% to 4.0%. In 2023, Capital Region unemployment has remained below 4.0% for the second year in a row.