Jobless rate in Albany area edges lower

Unemployment claims in U.S. show a decline of nearly 90,000

The unemployment rate in the five-county Albany metropolitan area edged lower in November, the state Labor Department reported this week, suggesting the local economy is beginning to improve.

Unemployment fell to 4.9 percent of the workforce from 5.5 percent in October. A year ago, before the pandemic, it was 3.4 percent. Labor market analysts caution that the data aren’t adjusted to account for seasonal variations, and that the figures are preliminary and subject to revision.

Another positive sign was Wednesday morning ’s release of weekly initial claims for unemployment insurance benefits by the U.S. Department of Labor, which showed a decline of 89,000 to 803,000 for the week ending Dec. 19.

That’s down from 892,000 the previous week, which was the highest in three months. That figure had been revised upward by 7,000.

Initial claims in New York state showed a sharp drop, to 40,015 for the week ending Dec. 19, from 58,153 the week before.

The Albany metro’s labor force, the number of employed plus the unemployed actively looking for work, edged higher in November from October after shrinking dramatically during the pandemic, rising to 432,500 from 431,600 in October.

A year ago, the labor force numbered 451,700 in November 2019.

Of those, 411,500 were employed in November, compared to 407,600 in October and

436,400 in November 2019.

The Albany metro’s 4.9 percent jobless rate for November was tied with that of the Dutchess-putnam metro for second lowest among the state’s metros, behind Ithaca’s 4 percent rate.

The Albany metro includes Albany, Rensselaer, Saratoga, Schenectady and Schoharie counties.