Hudson Valley Unemployment Rate Rises to Record-High 12.2% in June
Real Estate In-Depth | July 2020
ALBANY—The New York State Department of Labor announced on Tuesday, July 22 that the Hudson Valley unemployment rate rose to 12.2% in June, up from the 11.1% jobless rate in May 2020 for the region.
According to preliminary data, New York State’s area unemployment rate seasonally-adjusted unemployment rate increased from 14.5% in May to 15.7% in June 2020.
From June 2019 to June 2020, the state’s private sector employment count decreased by 1,407,400. The state’s seasonally adjusted private sector job count increased over the month by 296,400, or 4.5%, to 6,894,200 in June 2020.The state’s private sector job count is based on a payroll survey of 18,000 New York employers, which is conducted by the U.S. Bureau of Labor Statistics.
A clear data marker that indicates the devastation caused by the coronavirus, the Hudson Valley unemployment rate in June 2019 was just 3.6%.
In June 2020, there were 138,900 unemployed in the region, up from 125,200 in May 2020 and up from 41,700 in June 2019. Year-over-year in June 2020, the Hudson Valley labor force decreased by 14,400 or 1.2%, to 1,139,400.
The region’s June 2020 unemployment rate of 12.2% is the highest June level in the history of the current series that dates back to 1990.
The Hudson Valley Region’s June 2020 unemployment rate at 12.2% is ranked seventh among the 10 labor market regions in New York State.
Capital Region 10.5%
Southern Tier 10.5%
Mohawk Valley 10.6%
North Country 10.6%
Finger Lakes 11.2%
Central New York 11.6%
Hudson Valley 12.2%
Long Island 12.9%
Western NY 13.4%
New York City 20.4%
In June 2020, the highest unemployment rate within the Hudson Valley region was recorded in Orange County at 12.7%.
Putnam County 11.2%
Ulster County 11.3%
Dutchess County 11.5%
Rockland County 12.1%
Sullivan County 12.2%
Westchester County 12.5%
Orange County 12.7%
For the 12-month period ending June 2020, private sector job count in the Hudson Valley fell by 133,700, or 16.2%, to 692,500. Losses were greatest in leisure and hospitality (-52,200), trade, transportation and utilities (-25,500), professional and business services (-14,000), other services (-13,600), educational and health services (-12,500), natural resources, mining and construction (-8,400), manufacturing (-5,200), and financial activities (-1,800).
The June 2020 over-the-year job losses continues to reflect the impact of the Covid-19 pandemic, according to the New York State Department of Labor. At 692,500, the private sector job count in the region reached its lowest June level since 1997.
Within the region, the Orange-Rockland-Westchester labor market area’s private employment sector declined the fastest year-over-year, down 17.2%. That region was followed by the Dutchess-Putnam MSA (-14.3%), Sullivan County (-11.3%) and the Kingston MSA (-10.2%).