Friday, December 17, 2021

Georgia job openings rise, fewer people quitting their jobs in October; personal income rose only modestly

 


Job openings rose even as the number of people quitting their jobs fell in October as personal income in Georgia rose only slightly in the third quarter of 2021.

Job openings and turnover

The number of job openings in Georgia rose by 15,000 to 432,000 in October 2021. The number of job openings continued to reach new records as they totaled above 400,000 over each of the past three months.

In comparison, Georgia reported the number of unemployed in October at 158,436, resulting in more than 2.7 job openings for each unemployed person in the state.

At the same time, the number of people hired in October dropped by 7,000 to 261,000.

The number of people separating from their jobs declined by 40,000, as 31,000 fewer people chose to quit their positions. The number of people choosing to quit their jobs in October dropped to 154,000, 16 percent below the number recorded in September.

Layoffs and discharges declined by 3,000 over the month to 57,000 in October.

Over the past year, the number of people hired for jobs has increased by 46,000 since last October, while the number of total separations (both voluntary and involuntary) has risen by 49,000.

Personal income 3rd Quarter 2021

Personal income in the third quarter of 2021 rose by 0.8 percent (percent changes are expressed at annual rates). Wages and proprietors’ income rose 8.5 percent, while income from dividends, interest, and rent increased 4.5 percent.

The slow growth in personal income for Georgia was primarily due to a decline in transfer receipts, down 23.4 percent over the quarter, partially reflecting a decline in state unemployment compensation.

Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. They include retirement and disability insurance benefits (mainly social security), medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans’ benefits, and federal education and training assistance.

For the U.S., personal income rose 2.6 percent as wages and proprietors’ income rose 9.3 percent and transfer receipts dropped 15.6 percent. Income from dividends, interest, and rent increased 3.3 percent.

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