Georgia’s unemployment rate fell to 7.7 percent in November from 8.1 percent in October to hit the lowest point in five years, the state labor department said Thursday.
“The rate is down because of strong job growth and a very good drop in new claims for unemployment insurance benefits,” state Labor Commissioner Mark Butler said in a statement. “The number of new jobs is the best October to November growth since 2007 and the number of new claims is the lowest for any month since September 2007. Both of these numbers pre-date the recession.”
The number of jobs increased by 19,500, or 0.5 percent, to reach 4,095,500 in November. It was the most jobs in Georgia since September 2008.
Growth came mostly in trade, transportation and warehousing, as 14,700 new jobs were created. Government added 2,000 jobs; financial services — 1,700; construction and education and health care — 1,500 each; manufacturing — 1,000; and information services — 900.
Over the last year, Georgia gained 91,200 jobs as the jobless rate fell from 8.7 percent in November 2012.
“The November to November job growth is the strongest for that period in eight years,” Butler said. “The growth came in several industries, which indicates a broad job market recovery.”
The annual gains came in professional and business services — 27,400 new jobs; leisure and hospitality — 20,500; education and health services — 18,600; trade, transportation and warehousing — 16,500; construction — 13,100; and financial services — 5,900. Government lost 6,900 jobs in the past year.
The number of new layoffs, represented by initial claims for unemployment insurance benefits, dropped by 15.8 percent from October to November. Jobless claims fell in several sectors, including manufacturing; professional, scientific and technical services; administrative and support services; retail trade; health care and social assistance; transportation and warehousing; and construction.
The overall number of unemployed Georgians decreased by 20,322, to total 363,055 in November. That is the fewest number of unemployed Georgians since October 2008.
Georgia’s jobless rate remains considerably higher than the national rate, currently 7.0 percent.
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