Showing posts with label atlanta job market. Show all posts
Showing posts with label atlanta job market. Show all posts

Wednesday, August 3, 2022

Atlanta area’s employment and unemployment numbers still look favorable in June

 Atlanta area labor market indicators, January 2019 - June 2022

The Atlanta area’s unemployment rate rose to 3.2% in June as growth in the number of unemployed exceeded growth in the number of employed people.

Overall, the area’s labor force grew by 20,431 in June, a much larger number than recorded in any month since June2021. Of those additions to the labor force, 2,798 people were added to the employment rolls while 17,633 people joined the ranks of unemployed.

The growth in labor force is a positive sign, although the fact that many of these ended up on the unemployment list may show a slowing of the overall economy even as individuals return to the job market. It is impossible to measure how rising inflationary pressures may be driving individuals to seek employment, but it is certainly a possible factor in the labor force increase.

Since the employment/unemployment data are available only before seasonal adjustment, it is useful to compare this month’s data with not only the prior month, but also with data from the past June period. Since June 2021, the Atlanta area labor force has grown by 87,371 with employment up by 128,247 and unemployment down by 40,410. As a result, the area’s unemployment rate dropped from 4.5% to 3..2%.

Atlanta area job market

Atlanta area jobs grew by 10,200 in June with all of these gains occurring in the private sector as governments recorded a net decline over the month after seasonal adjustment. While the increase was improvement in April’s revised 8,400 job gain, it is still only half of the increase recorded in either January or February of this year.

Looking at jobs data before seasonally adjustment, the private sector added 23,300 jobs over the month, while government jobs declined by 2,700 with a small 300 job drop in federal government employment, and 1,200 job declines in both state and local governments.

Within the private sector, professional and business services was the large gainer with employment up by 5,900 over the month. Food services and drinking places also added significant employment, with 5,600 new jobs created in June.

Retail trade marked a decline with 500 fewer jobs in June compared to the previous month.