Un­em­ploy­ment rate drops to just 5 per­cent in Jan­uary

The Buffalo News - - BUSINESS -

The Buf­falo Ni­a­gara un­em­ploy­ment rate just keeps drop­ping. ¶ The re­gion’s job­less rate dropped to 5 per­cent dur­ing Jan­uary – its low­est level for any Jan­uary dat­ing back to at least 1990 – and more than a full per­cent­age point be­low the 6.2 per­cent rate of Jan­uary 2018. ¶ The lat­est re­port on un­em­ploy­ment from the State La­bor Depart­ment is an­other sign that the Buf­falo Ni­a­gara job mar­ket is fairly ro­bust, even if the pace of hir­ing is sub­dued. ¶ With a la­bor pool that is barely grow­ing, even a mod­est uptick in hir­ing can push down the job­less rate. “I think you’re see­ing that, as baby boomers re­tire, it’s get­ting harder and harder to find re­place­ments,” said Ti­mothy Glass, the La­bor Depart­ment’s re­gional econ­o­mist in Buf­falo.

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