Unemployment Remains Relatively Stable in 2024
The monthly unemployment reports from the New York State Department of Labor provide insights into emerging labor market trends. Throughout 2024, the unemployment rate in both the Capital Region and New York State remained relatively stable, particularly in the last quarter of the year (October–December), where unemployment in the Capital Region hovered around 3.0%.
Capital Region & New York State Trends
- January 2024: Unemployment rates peaked at 3.7% in the Capital Region and 4.8% statewide, reflecting the annual high.
- April 2024: The Capital Region’s unemployment rate dropped to 2.2%, the lowest since September 2022, while New York State’s unemployment rate fell to 3.7%, marking a steady improvement in job markets.
- May-September 2024: A gradual increase in unemployment was observed:
- Capital Region: Increased from 2.5% in May to 3.0% in September.
- New York State: Increased from 3.9% in May to 4.1% in September.
- September-December 2024: The Capital Region’s unemployment remained below 4.0% for the third consecutive year, demonstrating relative labor market stability.
These findings suggest that the Capital Region’s labor market remained strong in 2024, despite slight seasonal fluctuations. The low unemployment rate throughout most of the year indicates continued economic resilience and job availability in the region.
