The Georgia Department of Labor recently released their employment data on Thursday, June 16th and there has not been much change. The unemployment rate remains unchanged from 9.8% from April’s revised rate. Job growth was very modest at 3,400, which is only a gain of 0.1%. Also, it should be noted job growth has declined by 0.7% over the last 12 months. While there was a healthy boost in leisure and hospitality, declines in business and professional services and government offset those gains. This is fairly consistent with what went on nationally, but this also represents the 46th consecutive month that Georgia’s unemployment rate exceeded the U.S. average.
Another area to focus on is the number of unemployed for a period of six months or more. While it’s a good sign that there has been a decline in this figure for the past three months, it is a concern that more than half of the unemployed (54.7%) have been out of work for more than 27 weeks. This compares to the national average of 45.1%. It is not only unfavorable to be unemployed for a long period now, but it can impact lifelong earnings significantly. This is due to employers frowning on gaps in employment history, along with declines in skill due to inactivity. Before the recession, these rates ranged closer to 20%.