July Unemployment Rate Rises To 6.1%
According to the latest Georgia Department of Labor monthly data, in July the Metro Atlanta area saw its unemployment rate rise slightly to 6.1% from June’s 6%. However, the unemployment rate has fallen significantly from July 2014, when it stood at 7.6%. Despite the unemployment increase, the metro area’s labor force was up 20,584 for the month to 2,839,716. This is also an increase from July 2014’s total labor force of 2,838,298. The Atlanta Business Chronicle noted that most of the job growth from July 2014 to July 2015 came from the professional and business services category, which added 24,700 jobs. The transportation and warehousing sector added 18,000 jobs, while leisure and hospitality added 15,800 jobs, education and health services added 9,200 jobs, government added 5,500 jobs, and construction added 5,000 jobs. Rounding out the top job-adding sectors for the year, financial activities added 4,800 jobs and manufacturing added 3,200 jobs. For the month of July, the metro Atlanta area added 3,600 jobs, but workforce increases caused the unemployment rate to rise. Of the jobs added over the month, most came in the professional and business services, transportation and warehousing, and leisure and hospitality sectors. The Atlanta Journal-Constitution noted that job losses for July were mostly in the local government, education, and health services sectors. From July 2014 to July 2015 there was a 13.6% dip in first-time unemployment benefit claims.
What This Means For Small Businesses
Metro Atlanta’s small businesses see mixed indicators from this latest jobs data. Although the unemployment rate was up slightly, there was net jobs growth. Some sectors are experiencing growth more rapidly than others. However, overall economic trends are still positive, suggesting a continued upswing in demand for the area’s small businesses as the city continues to recover from the recession.
NFIB previously noted Atlanta job growth.
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.