Recently the Federal Reserve Bank of Atlanta put out a blog
titled “Giving Thanks for Faster Payroll Growth” that noted last month, the Southeast gained more
payrolls (67,700) than any other month since May 2010.
They failed to note, although they could have mentioned,
that none of this growth was attributable to Georgia, which recorded a loss of
1,400 jobs over the month (seasonally adjusted).
While the actual number of people on nonfarm payrolls grew
by 22,700 in the month of October, the seasonal adjustment factors turned this
into a loss. In any case, the Bureau of Labor Statistics noted in its monthly
report that the change in job numbers was not statistically significant, so statistically
we can say that Georgia stood still in October.
Over the year however, the picture is brighter with the state
having added 85,800 jobs since October 2012, for a job growth rate of 2.2
percent. Georgia began its recovery later than the nation and recovered at
a slower pace until the end of 2012 when the state began growing faster than
the nation.
12-Month Percentage Change
(seasonally adjusted)
Month
|
United
States
|
Georgia
|
Atlanta
MSA
|
October 2012
|
1.6
|
1.5
|
2.0
|
November 2012
|
1.7
|
1.6
|
2.3
|
December 2012
|
1.7
|
1.8
|
2.4
|
January 2013
|
1.5
|
1.8
|
2.6
|
February 2013
|
1.6
|
1.8
|
2.2
|
March 2013
|
1.5
|
1.9
|
2.4
|
April 2013
|
1.6
|
1.7
|
2.0
|
May 2013
|
1.6
|
1.8
|
2.1
|
June 2013
|
1.7
|
1.9
|
2.3
|
July 2013
|
1.6
|
2.8
|
3.2
|
August 2013
|
1.7
|
2.4
|
2.7
|
September 2013
|
1.7(p)
|
2.9
|
3.1
|
October 2013
|
1.7(p)
|
2.2(p)
|
2.7(p)
|
(p) Preliminary
Business and Professional Services, which continues to be an
important driver in the state’s job growth, loss 3,700 jobs in October. Along
with a loss of 3,400 jobs in local governments were the main contributors to
the stagnant job picture for the state.
Over the year, Business and Professional Services has been a
significant contributor to the state as the sector added 30,600 jobs resulting
in growth rate of 5.4 percent, the fastest growth rate of any sector.
Similarly, over the year, Leisure and Hospitality Services
has grown by 5 percent, although from a lower base, resulting in an addition of
19,900 jobs.
Government continues to be drag on job growth, dropping
8,000 jobs over the year, or minus 1.2 percent. In Georgia, Federal employment
declined by 4,900 jobs while state and local government failed to pick up the
slack by also declining by 1,900 and 1,200 jobs respectively.
Atlanta MSA
For the Atlanta area, employment has outpaced the state
after looking earlier as if it were lagging. In October, the MSA added 6,100
jobs (seasonally adjusted) and has added 63,600 over the 12 months ending in
October 2013.
As a percent of the state’s job market, the Atlanta MSA has
increased its share slightly rising from 59.5 percent of all nonfarm jobs in
October 2012 to 59.8 percent in October 2013.