Showing posts with label albany workforce. Show all posts
Showing posts with label albany workforce. Show all posts

Sunday, June 21, 2020

Georgia recovers 15% of jobs lost in March and April; workforce at levels last seen in 2014

Georgia nonfarm employment, January 2014 - May 2020
After recording two months of job losses totaling 531,000, Georgia gained 79,600 jobs in May.

Both the size of March and April’s losses as well as the May gain are the largest on a record going back to 1990, which may explain why workers in the state may be feeling a bit uncertain as to the future.

The combination of losses and gains in the first five months of 2020 means that the state’s workforce is at the level it achieved in 2014, when the state's population included 500,000 fewer people. More than five years of employment increases have been wiped out in the first four months of 2020.

While most industries showed some level of recovery in the May numbers, three industries continued to suffer losses in May including government; transportation, warehousing, and utilities; and information.

For the first five months of 2020, the industries incurring the greatest net job losses include accommodations and food services (-149,400), professional and business services (-64,600), and education and health care services (-41,900).

Metro areas

Since the beginning of the year, the Atlanta metro area has suffered a net loss of 299,400 jobs. The loss would have been even greater if not for the 29,000 jobs added in May. The Atlanta metro area workforce is now back to levels recorded in 2015.

Although that net loss looks bad, it is better than the net losses suffered in some of the smaller metro areas in the state.

For instance, the Albany workforce in May 2020 now stands at 57,700, nearly the level it achieved in November 1992, a loss of more than 27 years’ worth of job gains.

The Augusta metro area, which includes a portion of South Carolina, has lost five years of job gains, while Savannah, the state’s third largest metro area, now has a workforce equal to its level six years ago.

Future Unclear

How long it will take the state and the state’s metro areas to recover to their 2019 levels of employment remains to be seen.

If May is of any measure, then the recovery may occur faster than after previous recessions but only if (1) consumers and businesses feel more confident about the economy, (2) the state, which is constitutionally mandated to have a balanced budget, avoids massive funding cutbacks that will impact employment, and (3) the state can avoid a second wave of the coronavirus-related shutdowns.