ALBANY – The Capital District lost private sector jobs from August of 2015 to last month (see chart below,) according to an analysis of employment data by the Empire Center for Public Policy.
Statewide, private sector companies added 120,400 jobs, a growth rate of 1.5 percent while private companies across the nation grew by 1.9 percent.
Of the new jobs, 96 percent were created downstate, including 89,400 in New York City alone, which translates to an annual gain of 2.4 percent.
Upstate, the Buffalo-Niagara Falls region had the strongest performance with a gain of 7,900 gain, or a 1.7 percent growth rate.
The Albany-Schenectady-Troy, Rochester, Syracuse Binghamton and Elmira regions all lost jobs, according to the Empire Center.
New York’s seasonally adjusted statewide employment rate increased to 4.8 percent from 4.7 percent during the month of August. That increase was concentrated in New York City where the unemployment rate rose to 5.4 percent from 5.2 percent over the same time frame.
According to Empire Center President EJ McMahon, it seems likely the New York City uptick reflected a continuing increase in the number of people entering or re-entering the workforce, while the flat-to-declining unemployment rates in upstate regions are due mainly to stagnation or decline in the number of people looking for work.
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