Atlanta, Georgia – Georgia’s unemployment rate has decreased for the first time in more than a year, according to state officials’ announcement on Thursday.
The unemployment rate fell from 3.2% to 3.1% between December and January, according to Labor Commissioner Bruce Thompson. This is the first month-to-month fall after the rate remained at 3.2% for every month in 2023.
“I believe we are an exception. We’re therefore in a better position than most states to weather a recession, if and when it occurs, as I do believe our nation will,” Thompson added.
According to the state, there was an additional 4,814 employed people, bringing the total to an all-time high of 5,163,147.
“It’s a collision of long-standing policy decisions that offer opportunities and draw people to our state,” Thompson explained.
The unemployment rate in Georgia is six-tenths of that of the United States. Local government, lodging and food services, real estate, and the arts and entertainment sectors saw the largest month-over-month job increases; however, employment in transportation and warehousing fell.
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According to Thompson, the construction sector is desperately short of labor.
“Right now, there are 100,000 open positions in those trades. That implies that even constructing a new home or upgrading an existing one will be difficult, let alone creating a factory or anything else, Thompson continued.
Rather than a decline, Thompson had anticipated a modest increase in the rate of unemployment. That caught him off guard, he said. “I continue to believe that some softening will start to occur there.”
The average hourly wage increased 4.3% from a year ago, less than anticipated, and by just 0.1% from January—the lowest monthly advance in almost two years. For almost a year, average wage growth has outpaced inflation; nonetheless, excessive growth can exacerbate inflation.
