ALBANY- Data from the U.S. Bureau of Labor Statistics reveals that New York State had the 9th highest unemployment rate in March. The Empire State has hovered above the national average on this important indicator of economic health since the onset of the Covid-19 pandemic.
The news is not all bad, say labor experts. While New York continues to struggle, unemployment is down by 400,000 individuals since its peak in March of 2020. This past March’s numbers actually showed a slight month-to-month decrease in the state with the Department of Labor (DOL) reporting the addition of over 19,000 private sector jobs.
Another factor in New York’s unemployment problem is the aging demographics of the state.
“There is an aging workforce and some population change that is factoring into the higher unemployment rate we’ve been seeing compared to other areas,” said New York State DOL Analyst Kevin Alexander.
Overall, the Hudson Valley and the Capital region continue to faire well when compared to other parts of the state with less economic diversification. The unemployment rate near Watertown, in the North Country, is the highest in the state at 4.5 percent while the Capital Region sits at 2.9 percent.
The U.S. DOL releases unemployment data regularly, with a one-month lag. The next report is due out in June.
