Labor Force Update for the First Half of 2024

The monthly unemployment reports from the New York State Department of Labor offer valuable insights into emerging trends. In the first half of 2024, unemployment rates peaked in February, reaching 3.9% in the Capital Region and 4.5% across New York State. Subsequently, unemployment rates decreased over the next two months, hitting a low in April 2024 at 3.3% in the Capital Region and 3.9% in New York State. However, in May 2024, unemployment rates rose again, with the Capital Region experiencing a 6.1% increase and New York State seeing a 7.7% rise from April to May 2024.