Georgia’s unemployment rate stayed steady in November at 3.4%, amid solid job growth with some growth in initial jobless claims, according to data released Thursday by the state Department of Labor.
The jobless rate, a measure of people actively seeking employment, has remained unchanged in Georgia for three straight months. It also is three-tenths of a percentage point lower than the national average.
Here are four things to know about November’s labor report:
An all-time high
Georgia’s economy, like that of the nation, has remained resilient in the face of geopolitical turmoil and sustained campaigns by the U.S. Federal Reserve and other central banks to try to tame inflation. The Fed hiked and has kept rates elevated to try to cool the economy enough to temper inflation, while avoiding a recession.
Higher rates make borrowing more expensive, which generally makes companies pump the brakes on expansion. The Fed’s campaign has led to improved inflation measures and Georgia continues to add jobs despite the tougher credit markets.
The labor department said Georgia added 14,300 jobs in November. So far this year, Georgia has added 103,700 jobs and has reached an all-time high of 4.95 million jobs.
Growing sectors
The industries in November that saw the biggest monthly gains included health care and social assistance (2,300) and the finance and insurance sectors (2,100). There was also significant growth in the cohort labeled professional, scientific and technical services (2,000 jobs), hospitality (1,700) and local government (1,600).
Credit: Georgia Quick Start
Credit: Georgia Quick Start
So far this year, health care and social assistance, hospitality, local government, manufacturing and real estate have been top sectors for growth.
Some retrenching
But not every sector was up. Transportation and warehousing and retail jobs both saw declines in total employment in November.
Year-over-year, transportation and warehousing and administrative support roles have seen the largest declines.
Initial jobless claims, meanwhile, were up 3% in November to 22,316 compared to a month earlier.
What they said
Labor Commissioner Bruce Thompson touted Georgia’s continued job growth, saying “the greatest gift we can give Georgians is a future filled with opportunity.”
“With record-high job numbers, a thriving economy that stands among the nation’s best, and a workforce eager to embrace new opportunities,” Thompson said in a news release, “Georgia is poised to enter the new year with hope and boundless possibilities for all.”
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