Sunday, July 21, 2019

Georgia job creation slows in the second quarter

Job creation in Georgia slowed in the second quarter of 2019. Over the April-to-June period, 14,600 jobs were created in the state compared to 14,900 in the first quarter of the year. Compared to previous second quarters, 2019 saw the slowest job creation since 2011.
Data source: U.S. Bureau of Labor Statistics

Second quarter by industry

Professional and business services declined by 2,400 jobs offsetting a growth of 1,800 in the first quarter of the year. The second quarter was the first quarter in which the industry had posted a net loss of jobs since the first quarter of 2017.

Leisure and hospitality dropped 2,400 jobs after adding 8,200 jobs in the previous quarter. In the second quarter of 2018, the industry had added 500 jobs.

Wholesale Trade dropped by 2,000 jobs following a drop of 1,100 jobs in the first quarter. In comparison, the industry added jobs every quarter in 2017 and 2018.

Transportation, warehousing, and public utilities employment fell by 700 jobs adding to the 1,100-job loss in the first three months of the year. Prior to these two quarterly losses, the industry had added 10,200 jobs over the previous three quarters.

Health care and social assistance was a bright spot in the quarter with employment growing by 4,800, although this pace was below the 5,400 jobs created in the sector in the previous quarter.

Construction added 4,000 jobs in the April-to-June period after gaining 2,100 jobs previously.

Private sector employment accounted for 10,900 net job gains (nearly 75%) over the quarter with the remainder (3,700) new jobs created by federal, state, and local governments.

Total jobs reach a new record

Despite the slowdown in new jobs, the state posted a new record with 4,616,500 nonfarm jobs in June 2019.

The state’s unemployment rate in June stood at 3.7% in June 2019 compared to 3.9% in June 2018.

Sectors scoring their new highest levels of employment in June included retail trade (500,400) and financial activities (251,000), private educational services (83,600), and health care and social assistance (519,400).

Over the year, Georgia saw 80,400 jobs created for a 1.8% growth rate. The number of jobs created and the percent increase in June compared to the previous 12-month period was the lowest since 2013 when the state saw 68,800 new jobs in June and a growth rate of 1.7%.

All data are seasonally adjusted and reflect preliminary information provided by the U.S. Bureau of Labor Statistics.