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ECONOMY

Cayuga County unemployment dips to 2.3%

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Unemployment rate: October 2022

Unemployment rate ranges by county for October 2022.

The Cayuga County monthly jobless rate fell to a new recorded low in October, the second straight month in which a new mark was set.

The county's 2.3% unemployment rate reported Tuesday by the state Department of Labor declined from 2.9% the month prior, which itself was the lowest for any month on record dating back to 1990. This year's monthly jobless rate was considerably smaller than the 3.5% reported for October 2021.

The local rate compares favorably with the national rate of 3.4% and the state rate of 3.6%. The figures are not adjusted for typical seasonal fluctuations.

In a sign of the Cayuga County labor market's strength, the smaller unemployment rate came with an increased labor force, which is the sum of employed residents and unemployed residents who are actively trying to get jobs.

For October, Cayuga County's employed total increased by 900 to 34,500. The unemployed level fell by 400 to 800.

Numbers for employers in Cayuga County also showed strength. Nonfarm jobs grew by 400 to 24,200. And 300 of those new jobs were reported in the private sector, which stood at 18,500 in October.

U.S. jobless claims dropped by 4,000 to 220,000 in the week ending Nov. 12 despite the recent surge in corporate layoffs.

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