Thu December 19, 2013
Georgia Unemployment Rate Drops to 7.7%
Good, but not great.
That's how Dr. Jeffrey Humphreys sees the latest data regarding Georgia's job market.
That's a low not seen in five years, but it's still nearly a full point above the national average.
"At this point, Georgia has replaced about 65% of the jobs it lost in the Great Recession. So we're about two-thirds of the way back. We still have one-third of the way to go," says Humphreys.
The DOL says more than 91,000 jobs were gained in Georgia over the past year.
Among the sectors seeing a boost in jobs: trade, transportation and construction.
And although the unemployment rate is dropping, there's still plenty of room for improvement.
"One of the reasons it's coming down is because of job growth. But it's sad that a second reason why the unemployment rate has come down as quickly as it has is because a lot of people have given up the search. They've dropped out of the labor force and are no longer in the game, so to speak," says Humphreys.
However, Humphreys predicts job growth will continue in Georgia during the new year.