Friday, November 19, 2021

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).




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