Friday, December 17, 2021

Georgia unemployment rate drops to a new low, employment up in November

Georgia Nonfarm Employment Levels 

Georgia’s unemployment rate dropped to 2.8 percent in November, the lowest rate recorded by the state since records began in 1976, and the first time the state’s unemployment rate has fallen below 3.0 percent. 

The rate declined came as the number of employed Georgians rose by 11,983, while the number of unemployed dropped by 12,218. The state’s labor force participation rate remained unchanged at 61.5 percent, while the state’s employment-population ratio stood at 59.7 percent. 

Georgia’s unemployment rate remained well below the national unemployment rate of 4.2 percent in November. 

According to the U.S. Bureau of Labor Statistics, Nebraska had the lowest jobless rate in November, 1.8 percent, followed by Utah, 2.1 percent. The rates in Georgia (2.8 percent), Nebraska (1.8 percent), Oklahoma (2.5 percent), Utah (2.1 percent), and West Virginia (4.0 percent) set new series lows. (All state series begin in 1976.) 

Job Growth 

In November, the number of nonfarm jobs in Georgia grew by 13,500 after growing by more than 20,000 in each of the two previous months. With the additional jobs added in November, the state remains only 48,000 jobs short of the number it recorded prior to the pandemic beginning in early 2020. 

All of the growth in November occurred in the private sector, which added 14,000 jobs over the month while government jobs declined by 500. The state’s private sector remains only 27,000 jobs short of its numbers prior to the beginning of the pandemic. 

For the first 11 months of 2021, the state has recorded a job growth rate of 3.8 percent, with the private sector showing a 4.4 percent growth rate. Job growth has not risen at this rate since the mid-1990s. 

Jobs by sector 

Transportation, warehousing, and utilities added the greatest number of jobs in November, up by 4,300 for a 1.6 percent increase over the month. 

Other notable job sectors in the month included manufacturing, which added 3,400 jobs, and the leisure and hospitality industry, which added 3,200 jobs in November. 

Retail trade dragged down the overall numbers with a loss of 5,100 jobs in November. 

Over the past 12 months, Georgia has seen the addition of 192,700 jobs for a growth rate of 4.4 percent. Of those, 190,800 jobs were in the private sector, while governments added 1,900 jobs. 

Sectors adding the most jobs in the past 12 months included professional and business services, up by 58,200 (8.3 percent) and leisure and hospitality, up by 33,000 (7.9 percent). 

State government was the only sector losing jobs since last November, down by 900 jobs, or -0.6 percent.

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