The metro Atlanta unemployment rate fell in April to 4.5 percent from 4.6 percent in March, the state Labor Department reported Thursday.
However, hiring was weaker than it usually is during the month.
It is as if a driver cruising down the highway had pulled back a little on the gas. He doesn’t tap the the brakes, he’s not slowing down, but he’s not accelerating much.
Overall, it’s still an improving picture. After seven years of job growth, the metro jobless rate has fallen back into the comfy zone of solid-economy, strong growth and near-shortages of labor. Kind of like that Golden Period before Dec. 2007, the month that the Great Recession began.
STORY AND SHORT VIDEO: What’s going on with unemployment and hiring in Georgia.
Since hitting bottom, the metro Atlanta economy has added a robust 503,000 jobs, and while the workforce has grown too, it has grown by less than that – which is pretty much the formula for cutting the unemployment rate.
Last week, the government reported that the state's jobless rate had declined to 5.0 percent. This continues a healthy trajectory.
STATE JOBS PICTURE, JOBS LOST IN APRIL IN GEORGIA
But there are some cautionary notes, too.
Wanna sound smart around the water cooler this morning? Here are six talking points that might help:
1. It's about short-term progress.
A year ago, the jobless rate for metro Atlanta was 4.8 percent. Five years ago, it was 8.5 percent. And not long before that, it was in double digits.
2. It's about people getting hired.
In April, the metro economy added 9,200 jobs. That is expansion, for sure, and it’s a lot better than a loss. But it’s less than half the average for April during the previous five years.
3. It's about longer term trends.
And yes, the longer trend has been positive: during the past year, the metro Atlanta economy has added 87,200 jobs. That is slightly slower than the growth of the previous year.
4. It's about people who are not getting hired.
More than 135,000 people in metro Atlanta are counted as unemployed – that is, they are out of work and also looking for a job. That is more than at the start of the recession, but compare it to seven years ago when the region started the year with 295,009 unemployed. (See point number three, above, regarding long-term trends.)
On the other hand, roughly 30 percent of the jobless have been looking for more than six months.
5. It's about the glass being half full, the growing sectors.
According to the Labor Department, there were two sectors that grew solidly.
Leisure and hospitality, sometimes a signal about consumer spending, had a weak start to the year. But in April, the sector added 4,400 new jobs. Second-best was the corporate sector, known as professional and business services, which was up 2,500 jobs.
After that, things got modest in a hurry.
Education and health was up just 400 jobs. Financial services were up by 200 positions. The logistics and retail sector was up 100. Manufacturing was up 100 jobs.
6. It's about the glass being half empty, the weak spots.
Construction lost 1,000 jobs. Information didn’t move the needle at all, one way or t’other.
Bonus insight for no extra charge: One reason the unemployment rate fell was because the number of people in the labor force dropped in April.
Raise an eyebrow, lift your glass and say: “We’d better keep an eye on that...”
MEN'S WAGES STAGNANT, YOUNG MEN HIT HARD
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Metro Atlanta, Unemployment rate, April
2007 4.0 percent
2008 5.0 percent
2009 9.0 percent
2010 9.7 percent
2011 9.5 percent
2012 8.5 percent
2013 7.5 percent
2014 6.3 percent
2015 5.5 percent
2016 4.8 percent
2017 4.5 percent
Sources: Bureau of Labor Statistics, Georgia Department of Labor
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AJC Business reporter Michael E. Kanell keeps you updated on the latest news about jobs, housing and consumer issues in metro Atlanta and beyond. You'll find more on myAJC.com, including these stories:
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