May Unemployment Up 0.1% From April
The Atlanta Journal-Constitution reports that on Thursday Georgia’s State Labor Department announced May unemployment data. The state’s unemployment rate rose from 6.2% in April to 6.3% in May. Though state employers added 3,900 jobs, the number of people looking for work rose 7,379 from April to May, pushing the state’s unemployment rate slightly up. There was a 0.7% rise from April to May among those filing first-time claims for unemployment benefits. However, claims were down 15.8% from May 2014. In the past year, Georgia has seen 114,900 new jobs, bringing the total unemployment rate down 1% from May 2014 to May 2015. Still, the state struggles with an unemployment rate that is “considerably higher than the national rate of 5.5%.”
The Savannah (GA) Morning News carries comments on the jobs data from Georgia Labor Commissioner Mark Butler, who said, “Our labor force expanded for the 18th month in a row, and that’s probably the biggest factor in driving up the rate. Also, initial unemployment claims were up, but by less than one-percent.” Striking an optimistic tone, Butler noted that “the pace of job growth in Georgia at 2.8 percent is better than the national average at 2.2 percent. Right now, we’re showing a stronger pace of growth than we did last year, and 2014 was a very good year.”
What This Means For Small Businesses
Though Georgia has added a substantial number of jobs in the past year and made large strides in bringing down its unemployment rate, the state’s economic recovery continues to be sluggish compared to the US as a whole. The latest data show the struggle to boost the state’s growth following the recession is continuing. Georgia’s small businesses appear to still be facing tougher challenges than some of their peers in other states.
Additional Reading
NFIB previously covered Georgia’s unemployment rate.
