The unemployment rate in the Buffalo Niagara region increased to 4.8% in February as more people began looking for work than there were jobs available. This is the highest jobless rate seen since last August when the region was dealing with job losses related to the pandemic. The data, released by the state Labor Department, indicates that the region’s unemployment rate has been steadily rising since last April, with an increase in people actively seeking work. Despite this increase, an unemployment rate below 5% is historically low for this area. Factors contributing to the increase in unemployment include the growth of the workforce, which has added nearly 8,000 more people over the past year. This is a generally positive trend for the economy, but the recovery after the pandemic has been hampered by a lack of available workers, which has affected employers’ ability to hire. Despite job growth, Buffalo Niagara still has more than 4,000 fewer jobs than before the pandemic.

While the nation has recovered from the job loss in the summer of 2022 and has even experienced a growth of more than 3%, Buffalo Niagara’s hiring rate has only been about 2%. Economists suggest that employers may be hesitant about adding more workers due to the Federal Reserve Board’s initiative to slow the economy and curb inflation. Additionally, the region hasn’t seen significant layoffs, with first-time unemployment claims being on par with last year’s levels. However, they have seen an 80% increase from the lows of late last summer.

Despite these setbacks, hiring continues in the Buffalo Niagara region, bringing it closer to regaining employment levels lost during the Covid-19 recession. Yet, Julie Anna Golubiewski, a Canisius University economist, suggests most unemployment might be due to frictional unemployment, where it takes time for new entrants to the labor force to secure employment. Seasonal factors and failure to absorb workforce influxes have also contributed to the growing unemployment rate.

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