Binghamton's Unemployment Rates Have Changed in Past Year

August 2024, preliminary local area unemployment rates were released for July 2024 by the New York State Department of Labor, comparing it to July 2023.

Methods used to calculate the rates are from the U.S. Bureau of Labor Statistics. The method relies in part on the Current Population Survey results, which contact approximately 3,100 households in New York State monthly.

15 New York State metro areas are included in the report, including the Binghamton area. For July 2024, the Binghamton area had an unemployment rate of 3.7 percent according to the New York State Labor Department report. For July 2024, the unemployment rate was 4.4 percent for a year-to-year increase of 0.7 percent. Statewide, from July 2023 to July 2024, the unemployment rate rose from 4.3 percent to 5.0 percent.

Compared to the other 14 New York State metros, Binghamton's unemployment for July 2024 was tied for third highest with Elmira. New York City had the highest unemployment rate at 6.1 percent compared to 5.3 percent in July 2023, followed by the Buffalo-Niagara area at 4.5 percent in July 2024 from 3.7 percent in July 2023.

The NYS Department of Labor notes that this data is not seasonally adjusted, which means they reflect seasonal influences, like holidays and summer hires Labor force data for the current month are preliminary and subject to revision as more information becomes available the following month.

For revised estimates for prior months, visit the New York State Local Area Unemployment Statistics website.

As for New York State Counties, the rate of unemployment in July 2024 in Broome County was 4.6 percent. Of the 62 counties listed, Broome County's unemployment landed as the 7th highest in the state, tied with Niagara County. In Tioga County, the rate was 3.8 percent.

The New York State Department of Labor report shows for July 2023, in Broome County, the number employed was 80,500, compared to 78,900 in July 2023, a decrease year to year of 1.6 percent.

In Tioga County, the number of employed for July 2024 was 21,600 compared with 22,000 in July 2023, a small decrease of 0.4 percent. Chenango County saw a slight drop in employment from 21,100, in July 2023 to 20,900 in July 2024.

For more information visit the the complete NYS Labor Department website.

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