Wednesday, November 24, 2021

Georgia unemployment claims continue to fall

 

Georgia reported 3,909 initial unemployment insurance claims for the week ending November 13, the second consecutive week of falling claims. In the week ending November 6, initial claims totaled 4,341.

Continued unemployment insurance claims totaled 31,931 for the week ending November 13, down from 34,758 for the week ending November 6.

Georgia’s insured unemployment rate stood at 0.8 percent for the week ending November 6. Nationally, the insured unemployment rate was 1.3 percent before seasonal adjustment.

The number of new people filing for unemployment insurance in the state was the lowest since the week ending September 7, 2019 when 3,645 people filed claims.

The number of people continuing to receive unemployment insurance in Georgia remains above the levels achieved in March 2020 when the state’s economy began to feel the impact of business slowdowns and closures related to concern over the coronavirus.

In October, the U.S. Bureau of Labor Statistics reported that before seasonal adjustment, 125,465 persons were unemployed in Georgia. The difference between the number of continued unemployment claims and the number of people reported as unemployed represents differences between the methodologies used to compile the numbers, timing of the reports, as well as the fact that many people without jobs may choose to not file for unemployment insurance for a variety of reasons.

For definitions of the terms used as well as information on other states and the nation, see the latest U.S. Department of Labor Employment and Training Administration’s weekly report at https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20212071.pdf


Saturday, November 20, 2021

Georgia on path for fastest job growth since 1994

 

Georgia is on the path to its fastest job growth rate since 1994. Over the first 10 months of 2021, the state has seen the addition of 155,800 jobs for a growth rate of 3.5 percent. The fast 2021 growth rate contrasts with a 5.3 percent decline over the first 10 months of 2020 when the state saw a loss of 247,700 jobs.

The year-to-date growth rate is the fastest since 1994 when the state saw a 4 percent growth with 127,400 new jobs created in the first 10 months of the year.


1994

4.0%

1995

2.5%

1996

2.5%

1997

2.5%

1998

2.6%

1999

2.6%

2000

1.3%

2001

-1.5%

2002

-0.8%

2003

-0.7%

2004

1.8%

2005

2.3%

2006

1.6%

2007

0.6%

2008

-2.3%

2009

-4.5%

2010

0.7%

2011

0.9%

2012

1.5%

2013

1.9%

2014

2.7%

2015

2.2%

2016

1.8%

2017

1.5%

2018

1.6%

2019

1.5%

2020

-5.3%

2021

3.5%


In 1994, Georgia ended the year with 159,800 new jobs and a calendar year growth rate of 5.0 percent, its highest annual rate in the series that dates back to 1990.

Job creation by sector

Private sector job creation accounts for the vast majority of new jobs in 2021 with the private sector creating 153,800 new jobs, while government (federal, state and local combined) accounted for the remaining 2,000. Like the overall jobs rate, the private sector growth rate is the fastest for the first 10 months of the year since 1994.

Among sectors, information is showing the fastest job growth, up 8 percent over the first 10 months of 2021 with the addition of 8,800 new jobs.

Professional and business services is showing the second fastest and the largest net growth in jobs, rising by 7.2 percent with the creation of 50,800 new jobs.

Financial activities posted the slowest job growth so far in 2021 with a growth rate of 0.9 percent due to the creation of only 2,200 jobs in the sector.

Georgia metro areas

All 14 metro areas in the state have shown job gains since the beginning of 2021.

Metro areas growing faster than the state include Savannah. Atlanta, and Warner Robins. For the first 10 months of 2021, the Savannah area has recorded a 4.5 percent job growth rate, adding 8,300 jobs since the start of the year.

The Atlanta area, the largest metro area in the state, recorded the second fastest growing market, showing a 4.1 percent rate as it saw a net increase of 111,000 jobs.

Those two relatively large metro areas were followed by the smaller Warner Robins area, which posted a 3.9 percent rate with the addition of 3,000 jobs since the beginning of 2021.

Areas with the slowest job growth have included the Augusta and Albany areas. The Augusta area has added 400 jobs since the start of 2021, while the Albany area added 100 jobs. Both areas are showing job growth rates of 0.2 percent over the first 10 months of the year.

 

Area

Net change in jobs December 2020 through October 2021

Percentage change in jobs December 2020 through October 2021

Statewide Georgia

155,800

3.5

 

 

 

Savannah

8,300

4.5

Atlanta

111,000

4.1

Warner Robins

3,000

3.9

Macon

3,200

3.2

Gainesville

2,800

3.0

Brunswick

1,200

2.8

Rome

900

2.2

Hinesville

400

1.9

Valdosta

1,000

1.8

Dalton

1,000

1.5

Columbus

1,600

1.4

Athens

1,100

1.2

Augusta

400

0.2

Albany

100

0.2

 

Friday, November 19, 2021

Georgia workers experience higher levels of layoffs and discharges in September; fewer workers leave their job voluntarily

 In September, the number of job openings posted by employers and the number of hires were little changed from August, while the number of people quitting their jobs declined.

Job openings and hires

Georgia reported 415,000 job openings as of the last day of September as compared to 416,000 job openings reported for the last day in August. The September job openings rate stood at 8.3 percent. The national openings rate stood at 6.6 percent.

Georgia employers hired 253,000 workers in September, compared to 255,000 hired in August. The September hire rate was 5.5 percent as compared to the national rate of 4.4 percent.

In September 2020, there were 246,000 job openings in Georgia on the last day of the month. Employers hired 215,000 workers during the month of September 2020.

Separations and quits

Total separations in Georgia reached 245,000 in September with a separations rate of 5.4 percent. Nationally, the total separations rate stood at 4.2 percent.

Within total separations, workers choosing to leave their jobs voluntarily (quits) totaled 168,000 compared to 195,000 in August. The quits rate for September fell to 3.7 percent, down from 4.3 percent in August, For the nation, the September quits rate was 3.0 percent.

Although the number of quits decreased in September, the state remains on track for a record number of job quitters this year. In the first nine months of 2021, 1,427,000 workers have quit their jobs outpacing any other year since the start of the series in 2000.

The number of separations due to layoffs and discharges rose in September to 59,000, up from 42,000 in August. The layoffs and discharge rate increased to 1.3 percent in September, up from 0.9 percent in August. Nationally, the layoffs and discharge rate remained unchanged over the month at 0.9 percent.

About the Job Openings and Labor Turnover Survey 

Definitions and Methodology (National/State). Shared definitions and procedures for National and State JOLTS Estimates can be found at: www.bls.gov/news.release/jolts.tn.htm. 

Job openings include all positions that are open on the last business day of the reference month. The job openings rate is computed by dividing the number of job openings by the sum of employment and job openings and multiplying that quotient by 100. 

Hires include all additions to the payroll during the entire reference month, including newly hired and rehired employees; full-time and part-time employees; permanent, short-term, and seasonal employees; employees who were recalled to a job at the location following a layoff (formal suspension from pay status) lasting more than 7 days; on-call or intermittent employees who returned to work after having been formally separated; workers who were hired and separated during the month, and transfers from other locations. The hires rate is computed by dividing the number of hires by employment and multiplying that quotient by 100. 

Total Separations include all separations from the payroll during the entire reference month and is reported by type of separation:  quits, layoffs and discharges, and other separations. Quits include employees who left voluntarily with the exception of retirements or transfers to other locations. Layoffs and discharges includes involuntary separations initiated by the employer including layoffs with no intent to rehire; layoffs (formal suspensions from pay status) lasting or expected to last more than 7 days; discharges resulting from mergers, downsizing, or closings; firings or other discharges for cause; terminations of permanent or short-term employees; and terminations of seasonal employees (whether or not they are expected to return the next season). The separations rate is computed by dividing the number of separations by employment and multiplying that quotient by 100. The quits and layoffs and discharges rates are computed similarly.

Georgia unemployment rate drops to 3.1%; jobs increase by 21,100 in October

Unemployment rate in Georgia declined while the number of jobs in the state rose in October, according to the U.S. Bureau of Labor Statistics.

Georgia’s unemployment rate stood at 3.1 percent in October, and the state saw a net increase of 21,100 jobs. Numbers are preliminary, subject to revision, and have been seasonally adjusted.

Georgia unemployment

The state’s unemployment rate reached a series low of 3.1 percent in September as the number of employed people rose by 11,008 and the number of unemployed dropped by 12,897.

Labor force declined by 1,889 persons in October after increasing in each of the four previous months. As a result, Georgia’s labor force participation rate was 61.5 percent in October. Labor force participation is calculated by combining the number of people counted as employed with the number counted as unemployed to determine the state’s labor force.

Employment-population ratio remained unchanged in October at 59.6 percent. The employment-population ratio is the percentage of the state’s estimated population who are employed.

In October 2020, the state’s unemployment rate stood at 5.9 percent with a labor force participation rate of 61.7 percent and an employment-population ratio of 58.1 percent.

Georgia jobs

The state saw a net increase of 21,100 jobs in October with the private sector increasing by 22,300, while government jobs dropped by 1,200.

Over the month, the largest increases were in the transportation, warehouse, and utilities sector with an increase of 3,600 jobs followed by the addition of 3,400 jobs in education and health care services. Manufacturing employment rose by 3,300 and professional and business services increased by 3,200. Retail trade employment rose up by 3,000.

State government jobs declined by 500 and jobs in local governments decreased by 400.

Since October 2020, Georgia has seen a net increase of 196,900 jobs resulting in a 4.5 percent growth rate.

Jobs in the private sector rose by 198,900 (5.3 percent) and government jobs declined by 2,000 (-0.3 percent).

Over the past year, jobs in the professional and business services sector have increased by 60,400, up by 8.7 percent. Employment in the leisure and hospitality sector has risen by 31,300, a 7.5 percent increase.

Transportation, warehouse, and utilities accounted for the largest percentage increase over the year, up by 9.9 percent, or 23,300 jobs. Employment in the education and health care services sector rose by 23,300 (4 percent).

State government employment has declined by 300 jobs (-0.2 percent), while local government jobs rose by 2,100 (0.5 percent).




Thursday, November 18, 2021

Update: Georgia October unemployment rate: 3.1%, Jobs increase by 21,100

The Georgia Department of Labor has issued its report for October 2021. The preliminary numbers indicate a state unemployment rate of 3.1 percent, while the numbers of jobs in the state rose by 21,100 over the month after seasonal adjustment.

All of the increase in jobs in October can be attributed to the private sector, where jobs grew by 22,300 over the month, while government jobs dropped by 1,200.

Over the past year, the number of net new jobs in the state has risen by 196,900, a 4.5 percent increase. Private sector employment accounted for all of the increase with private sector jobs growing by 198,900, a 5.3 percent increase since October 2020. Jobs in the government sector of the state’s economy declined by 2,000 over the past year.

The report also shows revisions to the information reported for September 2021. Preliminary data for September indicated a state unemployment rate of 3.2 percent with increase of 14,300 jobs over the month. With the revisions, September’s unemployment rate now stands at 3.3 percent and a jobs increase of 20,600 over the previous month.

More detailed information will be available on Friday, November 19, when the U.S. Bureau of Labor Statistics will issue their October report for states.


Georgia unemployment claims continue decline for week ending November 13

Advance initial claims in Georgia for the week ending November 13 dropped by 506 to 3,835 from 4,341 recorded in the prior week, according to newly released information from the U.S. Department of Labor’s Employment and Training Administration.

The 11.7 percent decline in advance claims for the state compares to a 7.1 percent drop reported nationally for the same week before seasonal adjustment.

In the week ending November 6, the number of people continuing to receive unemployment benefits in Georgia declined by 7,791 to 32,007 from 39,798 recorded in the prior week. Although the number of people receiving unemployment benefits continues to decline, it remains higher than prior to the start of the pandemic in March 2020.

The percentage of people receiving unemployment insurance benefits in Georgia as compared to the number of workers covered by unemployment insurance remains below 1 percent. The national insured unemployment rate stands at 1.4 percent.

Comparison with past years

As a comparison, the number of initial unemployment claims for the week ending November 7, 2020, stood at 23,827 with an insured unemployment rate of 6.47 percent.

Another way to compare the numbers is to look at the data for the week ending November 9, 2019, which occurred before the start of the Coronavirus pandemic in March 2020. For the week ending November 9, 2019, 5,417 people in Georgia were receiving unemployment benefits with an insured unemployment rate of 0.56 percent.

 

Wednesday, November 10, 2021

Atlanta area consumer prices rise 7.9% over the year; gasoline prices soar 55.7%

 CPI-U-Atlanta

The Consumer Price Index for All Urban Consumers in the Atlanta-Sandy Springs-Roswell, GA, metropolitan area (CPI-U-Atlanta) increased 1.5% for the two months ending in October before seasonal adjustment according to the U.S. Bureau of Labor Statistics. For the 12 months ending in October, the CPI-U Atlanta index rose 7.9%. 

Over the two-month period, food prices in the Atlanta area increased 1.3%, while energy prices rose 3.3%. The index for all items excluding food and energy moved up by 1.3%. Over the 12 months ending in October, food prices increased 2.4% and energy prices rose 28.2%. The index for all items excluding food and energy moved up by 7.0%. 

The 7.9% increase in the all-items cost-of-living index for the Atlanta area was the largest 12-month increase for any October since October 1981 and was the largest increase recorded for any 12-month period since June 1982, when prices for the Atlanta area rose by 8.1%. 

Index components 

Cost-of-living indexes for food and beverages, housing, and transportation in the Atlanta area all rose significantly in the two months ending in October. 

Food and beverages costs increased 1.3% over the two months ending in October. Costs for food at home rose by 1.5%, while costs for food away from home were up by 1.1%. For the 12 months ending in October the food and beverages index moved up by 2.4% as costs for food at home increased 2.3% and costs for food away from home rose by 2.4%. 

Housing costs increased 1.7% over the two-month period. Costs for shelter rose 1.6%, while fuels and utilities costs rose 1.5%. Within the utilities index, electricity costs were unchanged over the previous two months. Since October 2020, housing costs in the Atlanta area have risen 6.0%, as the costs of shelter rose 6.7%, and fuels and utilities costs rose 5.1%. Electricity costs in the Atlanta area have risen 1.4% since last October. 

Apparel costs increased 0.4% over two months, while the price index rose 11.0% for the twelve months ending in October. 

Transportation costs rose by 3.0% over the past two months. Prices for used cars and trucks declined by 0.8%, while gasoline costs increased 4.7%. Over the past year, transportation costs have increased 21.3% in the Atlanta area with costs for used cars and trucks rising by 26.2%, while gasoline costs increased 55.7%. 

Medical care costs rose by 0.5% in the two months ending in October. For the past 12 months, the medical care index has increased 2.4%. 

Recreation costs declined 0.9% in the two months ending in October. Over the past year, recreation costs have risen 8.0%. 

Education and communication costs dropped 0.6 percent over the past two months. Over the past year, education and communication costs rose 4.0%.

Other goods and services costs rose 2.1% in the two months ending in October. Over the past year, they have increased by 6.8%. 

Comparison with the nation 

The Consumer Price Index for Atlanta rose by 1.5% for the two months ending in October compared to a 1.1% increase for the nation. Food costs in the Atlanta area increased by 1.3% compared to 1.8% nationally, while energy costs rose by 3.3% compared to 3.5% for the nation. The index for all items excluding food and energy rose by 7.0% in the Atlanta area compared to 0.8% for the nation. 

Over the 12 months ending in October, the all-items index for the Atlanta area increased 7.9%, while nationally, prices rose 6.2%. Food costs in the Atlanta area increased by 2.4%, while they rose 5.3% nationally. For Atlanta, energy prices moved up 28.2% compared to 30.0% for the nation. The index for all items excluding food and energy rose by 7.0% for Atlanta and 4.6% nationally. 

Because the Atlanta area has a smaller sample than the nation as a whole, the indexes are subject to greater variance than at the national level. As BLS points out, variance is a measure of the uncertainty caused by the use of a sample of retail prices, instead of the complete universe of retail prices. Users should exercise caution when using CPI estimates to make inferences about index changes for relatively short time periods, for individual goods and services, or for local areas. The standard errors of those estimates may be on the same order of magnitude as the estimates themselves; and, thus, few inferences about them are reliable.