Employment Considerations – Deciphering the Latest Statistics

SARATOGA COUNTY— The August unemployment rate in the Capital Region was 4.7%, which beats the state’s rate of 7.1% and the national 5.2% rate. This represented a drop of 3.3% in the past year, largely attributed to the resilient nature of our diverse economy of this part of the state. Other areas, with a larger resilience on certain segments such as tourism or, in the case of New York City, the hospitality/restaurant sector, remain at much higher level, according to information released by the New York State Department of Labor. 

Saratoga County, of course, does have a larger reliance on tourism dollars than other counties do, and yet in July the unemployment rate was at 4.2%. The reason is that tourism was on the rise in this county this year, and Saratoga Springs itself did very well, in contrast to a rather rough 2020 season. 

Where it gets interesting is in considering how the various curves of job growth, labor force participation rate, industry opportunity, and, unfortunately, COVID statistics intersect. 

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