The Capital Region accommodations and food services sector fell to its lowest employment level for June in eight years, according to statistics released today by the state Department of Labor.
As inflation and $4-plus-per-gallon gasoline compelled consumers to eat out less and embark on “staycations,” the region experienced anemic job growth in June. The area’s nonfarm labor force grew by 100 jobs to 453,800, compared to a year earlier. That growth set a record high employment level for the month.
“I wouldn’t call it a strong record high,” said Labor Department Market Analyst James Ross.
The region’s unemployment rate rose over the year by a full percentage point to 4.9 percent — the highest rate for June since 5.7 percent in 1992. Saratoga County had the state’s lowest unemployment rate at 4.5 percent, up from 3.4 percent in June 2007.
During what is usually one of the year’s hottest hiring months, local hotels and restaurants hired 2,200 fewer workers, ending June with a work force of 27,700. The financial activities sector also declined by 1,000 jobs over the year, to 25,700, as banks and real estate firms continued to falter amid economic tumult.
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