Friday, April 18, 2014

Georgia's Gains in March Erase January and February Losses

Georgia gained 14,600 nonfarm jobs in March 2014, seasonally adjusted; its largest one-month gain since October 2012 when it added 17,000 jobs in one month.

According to the Bureau of Labor Statistics news release, “In March 2014, seven states had statistically significant over-the-month changes in employment, all of which were increases. The largest statistically significant job gains occurred in Florida (+22,900), North Carolina (+19,400), and Georgia (+14,600).”

The increase follows larger-than-expected seasonally adjusted job losses totaling 8,400 jobs in January and February combined.

Over the past 12 months, Georgia’s nonfarm employment has risen by 69,000 jobs, or 1.7 percent, not seasonally adjusted. This compares to Alabama (up 0.8 percent), Florida (up 3.0 percent), South Carolina (up 2.1 percent), and the U.S. (up 1.6 percent).

Most industries showed increases over the month, but the Leisure and Hospitality industry was disappointing on a seasonally adjusted basis. The industry includes lodging and food services and accounts for 10 percent of Georgia’s employment. Leisure and hospitality added 8,400 jobs in March, but recorded zero net growth once seasonal adjustment factors were applied. This contrasts to Florida, which recorded 25,900 new jobs in March, not seasonally adjusted, and was up by almost one percent over the month once seasonal adjustment factors were applied.