Area Saw Slight Increase In Jobless For Month
According to the latest data from the Atlanta Regional Commission of the Georgia Department of Labor, the Metro Atlanta area saw an unemployment rate of 5.9% for May, up 0.3% from April’s rate of 5.6%. The Atlanta Business Chronicle reports that the number of jobs in Atlanta rose by 16,000, a 0.6% increase, to 2,583,000 for May. All the job gains came from the private sector, with the bulk coming from the “leisure and hospitality” sector, which added 9,700 jobs. Meanwhile, the business services and professional sector added 6,500 jobs, the construction industry added 1,600 jobs, and the transportation, warehouse, and trade sector added 1,500 jobs. However, the area’s government lost 2,500 jobs in May, mostly from “non-contract school employees.”
Despite the increase in unemployment for the month, there were some positives in the data. For example, for the past three years on average the Metro Atlanta area has added 14,300 jobs, making last month’s job growth better than average for the month. Additionally, from May 2014 to May 2014 the area has gained 79,600 jobs, a 3.2% boost in jobs. Of these, the bulk have been in the higher-paying business services and professional sector, which added 20,100 jobs. Furthermore, the number of first-time unemployment insurance claims fell by 450 for the month, a 3.2% decline, to a total of 13,753. And for the year, claims have fallen by 1,874, or 12%.
What This Means For Small Businesses
Small businesses in the Atlanta area are seeing mixed signals in the latest unemployment data. On one hand, news of an uptick in the unemployment rate is worrisome, as it might suggest a slowdown in the area’s economic growth. However, a look at first-time claims filings, which declined, or the area’s unemployment rate over the past year, also down, indicates the area may be on the path towards a stronger economic recovery. However, economic gains appear to be spotty, and some sectors are adding jobs at faster rates than others, indicating continued opportunities and challenges for Atlanta’s small business community.
Additional Reading
NFIB recently reported data on Georgia’s unemployment rate.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
