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Thursday, June 12, 2014
Workers in the Albany-Schenectady-Troy Metropolitan Statistical Area had an average (mean) hourly wage of $23.19 in May 2013, about 4 percent above the nationwide average of $22.33, according to the U.S. Bureau of Labor Statistics. Chief Regional Economist Martin Kohli noted that, after testing for statistical significance, wages in the local area were significantly higher than their respective national averages in 9 of the 22 major occupational groups, including protective service, production, and construction and extraction. Seven groups had significantly lower wages than their respective national averages, including computer and mathematical; life, physical, and social science; and healthcare practitioners and technical.
|Major occupational group||Percent of total employment||Mean hourly wage|
|United States||Albany||United States||Albany||Percent difference (1)|
Total, all occupations
Business and financial operations
Computer and mathematical
Architecture and engineering
Life, physical, and social science
Community and social services
Education, training, and library
Arts, design, entertainment, sports, and media
Healthcare practitioner and technical
Food preparation and serving related
Building and grounds cleaning and maintenance
Personal care and service
Sales and related
Office and administrative support
Farming, fishing, and forestry
Construction and extraction
Installation, maintenance, and repair
Transportation and material moving
When compared to the nationwide distribution, local employment was more highly concentrated in 9 of the 22 occupational groups, including office and administrative support; education, training, and library; and business and financial operations. Conversely, seven groups had employment shares significantly below their national representation, including production, transportation and material moving, and sales and related. (See table A and box note at end of release.)
One occupational group—business and financial operations—was chosen to illustrate the diversity of data available for any of the 22 major occupational categories. Albany-Schenectady-Troy had 25,730 jobs in business and financial operations, accounting for 6.0 percent of local area employment, significantly higher than the 5.0-percent share nationally. The average hourly wage for this occupational group locally was $32.02, measurably below the national wage of $34.14.
With employment of 4,720, accountants and auditors was the largest occupation within the business and financial operations group, followed by management analysts (2,380) and claims adjusters, examiners, and investigators (2,360). Among the higher paying jobs were personal financial advisors and credit analysts, with mean hourly wages of $55.53 and $42.26, respectively. At the lower end of the wage scale were credit counselors ($20.80) and meeting, convention, and event planners ($22.41). (Detailed occupational data for business and financial operations are presented in table 1; for a complete listing of detailed occupations available go to www.bls.gov/oes/current/oes_10580.htm)
Location quotients allow us to explore the occupational make-up of a metropolitan area by comparing the composition of jobs in an area relative to the national average. (See table 1.) For example, a location quotient of 2.0 indicates that an occupation accounts for twice the share of employment in the area than it does nationally. In the Albany-Schenectady-Troy Metropolitan Statistical Area, above average concentrations of employment were found in some of the occupations within the business and financial operations group. For instance, tax examiners and collectors, and revenue agents were employed at 7.9 times the national rate in Albany, and labor relations specialists, at 3.7 times the U.S. average. On the other hand, purchasing agents, except wholesale, retail, and farm products had a location quotient of 1.0 in Albany, indicating that this particular occupation’s local and national employment shares were similar.
These statistics are from the Occupational Employment Statistics (OES) survey, a federal-state cooperative program between BLS and State Workforce Agencies, in this case, the New York State Department of Labor.
OES wage and employment data for the 22 major occupational groups in the Albany Metropolitan Statistical Area were compared to their respective national averages based on statistical significance testing. Only those occupations with wages or employment shares above or below the national wage or share after testing for significance at the 90-percent confidence level meet the criteria.
NOTE: A value that is statistically different from another does not necessarily mean that the difference has economic or practical significance. Statistical significance is concerned with the ability to make confident statements about a universe based on a sample. It is entirely possible that a large difference between two values is not significantly different statistically, while a small difference is, since both the size and heterogeneity of the sample affect the relative error of the data being tested.
The Occupational Employment Statistics (OES) survey is a semiannual mail survey measuring occupational employment and wage rates for wage and salary workers in nonfarm establishments in the United States. Guam, Puerto Rico, and the Virgin Islands are also surveyed, but their data are not included in the national estimates. OES estimates are constructed from a sample of about 1.2 million establishments. Forms are mailed to approximately 200,000 sampled establishments in May and November each year for a 3-year period. May 2013 estimates are based on responses from six semiannual panels collected in May 2013, November 2012, May 2012, November 2011, May 2011, and November 2010. The overall national response rate for the six panels is 75.3 percent based on establishments and 71.6 percent based on employment. The sample in the Albany-Schenectady-Troy Metropolitan Statistical Area included 3,330 establishments with a response rate of 78 percent. For more information about OES concepts and methodology, go to www.bls.gov/news.release/ocwage.tn.htm.
The OES survey provides estimates of employment and hourly and annual wages for wage and salary workers in 22 major occupational groups and 821 detailed occupations for the nation, states, metropolitan statistical areas, metropolitan divisions, and nonmetropolitan areas. In addition, employment and wage estimates for 94 minor groups and 458 broad occupations are available in the national data. OES data by state and metropolitan/nonmetropolitan area are available from www.bls.gov/oes/current/oessrcst.htm and www.bls.gov/oes/current/oessrcma.htm, respectively.
The May 2013 OES estimates are based on the 2010 Standard Occupational Classification (SOC) system and the 2012 North American Industry Classification System (NAICS). Information about the 2010 SOC is available on the BLS website at www.bls.gov/soc and information about the 2012 NAICS is available at www.bls.gov/bls/naics.htm.
The substate area data published in this release reflect the standards and definitions established by the U.S. Office of Management and Budget.
The Albany-Schenectady-Troy, N.Y. Metropolitan Statistical Area includes Albany, Rensselaer, Saratoga, Schenectady, and Schoharie Counties.
OES data are available on our regional web page at www.bls.gov/regions/new-york-new-jersey. Answers to frequently asked questions about the OES data are available at www.bls.gov/oes/oes_ques.htm. Detailed technical information about the OES survey is available in our Survey Methods and Reliability Statement on the BLS website at www.bls.gov/oes/2013/may/methods_statement.pdf. Information in this release will be made available to sensory impaired individuals upon request – Voice phone: 202-691-5200; Federal Relay Service: 1-800-877-8339.
|Occupation (1)||Employment||Mean wages|
|Level (2)||Location quotient (3)||Hourly||Annual(4)|
Business and Financial Operations Occupations
Wholesale and Retail Buyers, Except Farm Products
Purchasing Agents, Except Wholesale, Retail, and Farm Products
Claims Adjusters, Examiners, and Investigators
Human Resources Specialists
Labor Relations Specialists
Meeting, Convention, and Event Planners
Compensation, Benefits, and Job Analysis Specialists
Training and Development Specialists
Market Research Analysts and Marketing Specialists
Business Operations Specialists, All Other
Accountants and Auditors
Appraisers and Assessors of Real Estate
Personal Financial Advisors
Tax Examiners and Collectors, and Revenue Agents
Financial Specialists, All Other
Last Modified Date: Thursday, June 12, 2014