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Consistent, Steady Growth Key to Winning Economic Long Game

Staff Report From Georgia CEO

Wednesday, April 24th, 2024

Georgia Labor Commissioner Bruce Thompson announced today that Georgia's March unemployment rate was 3.1, unchanged from a revised 3.1 percent in February. The unemployment rate was seven-tenths lower than the national unemployment rate.
 
"When it comes to building a strong economy, Georgia means business," said Commissioner Thompson. “Being recognized as an economic powerhouse always starts with consistency, the ability to adapt, and strong local investments. Georgia excels at all three, proving once again that when it comes to driving economic prosperity and opportunity for all, we're on the winning side of history.”  

Jobs were up by 16,200 (0.3%) over the month and up by 55,400 (1.1%) over the year to 4,949,500, an all-time high.

The sectors with the most over-the-month job gains included Administrative and Support Services, 6,700; Health Care and Social Assistance, 5,000; Accommodation and Food Services, 3,900; Local Government, 2,100; and Specialty Trade Contractors, 1,300.  

Jobs were down in Information, which includes Motion Picture and Sound Recording Industries, -2,300; Arts, Entertainment, and Recreation, -1,600; and Wholesale Trade, -700.

Jobs were at an all-time high in Private Education and Health Services, 674,900; Leisure and Hospitality, 527,000; Financial Activities, 283,600; and Construction, 225,200. Notably, Construction experienced its highest employment peak in 17 years, when there were 224,400 jobs in March 2007.

The sectors with the most over-the-year job gains included Health Care and Social Assistance, 24,100; Local Government, 14,200; Accommodation and Food Services, 13,600; Professional, Scientific, and Technical Services, 8,400; and Durable Goods Manufacturing, 5,900.

Jobs were down in Information, which includes Motion Picture and Sound Recording Industries, -16,800; Administrative and Support Services, -12,100; and Transportation and Warehousing, -8,700.

The labor force was up by 8,366 to 5,343,463, an all-time high, and was up by 63,465 over the past 12 months. The labor force participation rate held at 61.4 percent.

The number of employed was up by 8,423 to 5,179,980, an all-time high, and was up by 68,264 over the past 12 months. The employment-to-population ratio held at 59.5 percent.

The number of unemployed was down by 57 to 163,483, the lowest figure since July 2022 (162,614), and was down by 4,799 over the past 12 months.
 
Initial claims were down by 5,041 (-22%) over the month to 17,847 in March.  Initial claims were down by 4,259 (-19%) over the year.