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Region’s jobless rate reaches four-year low

The local economy made some headway in October with a decrease in the unemployment rate and an increase in the number of non-farm jobs.

Region’s jobless rate reaches four-year low

The local economy made some headway in October with a decrease in the unemployment rate and an increase in the number of non-farm jobs.
The jobless rate in Rochester fell to 4.2 percent from 4.9 percent in September and 4.6 percent a year ago. It was the lowest unemployment rate here since August 2001.
The number of non-farm jobs in the area increased from 504,700 in September to 508,500 last month. However, both the number of jobs and the number of private-sector jobs have fallen in the Rochester metropolitan area since October 2004.
In the last year, the area has lost 4,400 jobs, or nearly 1 percent, and 4,400 private-sector jobs. Rochester continues to be one of three regions in the state—including Elmira and Binghamton—with year-over-year private-sector job losses.
The state’s unemployment rate, after seasonal adjustment, fell sharply to 4.9 percent in October from 5.3 percent in September and 5.5 percent a year ago. The state’s rate was the lowest since 2000. Nationally, the jobless rate last month was 5 percent, down from 5.1 percent in September and 5.5 percent in October 2004.
Across New York, the number of private-sector jobs fell by 4,500, or 0.1 percent, since September. The number of non-farm jobs in New York fell by 8,900, or 0.1 percent, last month.
For the year, the state has gained 64,300 non-farm jobs and 64,600 private-sector jobs. The education and health services industries had the largest growth, while manufacturing continued to top the list of industries with the most job losses.
The number of unemployed in the Rochester metropolitan area, excluding Genesee County, decreased in October to 22,000 from 26,000 in September and 24,400 a year ago.
The number of unemployed in Genesee County also declined, to 1,200 last month from 1,400 in September and 1,500 in October 2004.
Other jobless rates:
• Monroe County—fell from 5 percent in September and 4.6 percent a year ago to 4.2 percent;
• Genesee County—was 3.8 percent last month, down from 4.3 percent in September and 4.6 percent a year ago;
• Livingston County—decreased to 4.3 percent in October from 4.8 percent the previous month and 4.5 percent in October 2004;
• Ontario County—was down to 3.8 percent in October from 4.5 percent in September and 4.2 percent a year ago;
• Orleans County—had a rate of 4.6 percent last month, down from 5 percent the previous month and 5 percent a year ago; and
• Wayne County—was down to 4 percent in October from 4.8 percent in September and 4.9 percent in October 2004.
Rochester’s neighbors to the east and west also posted improvements in their unemployment rates. Buffalo last month was down to 4.5 percent, compared with 5.3 percent in September and 5 percent a year ago. The jobless rate in Syracuse declined to 4.2 percent in October from 4.9 percent in September and 4.7 percent in October 2004.

(c) 2005 Rochester Business Journal. Obtain permission to
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