Unemployment rate drops to just 5 percent in January
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.