The metro Atlanta unemployment rate held steady at 5.0 percent in September, the government reported today.
There were 18,087 more people with jobs, but even more people coming into the labor force, a statistical wash but a sign of how – more than six years after the economy began to recover from recession – things are still getting back to normal, according to the report from the state department of labor.
The flat jobless rate hides the oddity beneath: it was Atlanta’s best September job growth in 10 years. And the growth in the number of jobs was … zero.
The result of a better hiring situation and more people encouraged to look for work was an unemployment rate continuing to hover at a level last seen in 2008 during the early days of the recession.
A year ago, the metro Atlanta unemployment rate was 5.3 percent.
And while the pace of improvement seems slow, unemployment is a far cry from the double-digit worst of the post-recession labor market, when joblessness crested at 10.6 percent.
The jobless rate nationally is 5.0 percent.
Last week, the Labor Department announced an increase in the state’s jobless rate – from 4.9 percent to 5.1 percent. However, the state’s rate is massaged somewhat to account for seasonal patterns. The metro Atlanta rate is not adjusted that way.
Economists often stress that one month’s data can be unreliable, so the more important question is about the longer arc of the economy. And that longer trend has been positive.
Here’s what is going on:
1. In the past 12 months, metro Atlanta has added 74,800 jobs – more than half the jobs added in Georgia.
2. The number of jobs in metro Atlanta didn’t change much during the month as hiring and layoffs pretty much cancelled each other out. But that was better than any other September since 2006: In all those other Septembers, Atlanta lost jobs.
During the past five years, Atlanta average a loss of 3,700 jobs.
3. The pace of job growth has been relatively steady.
So far during 2016, metro Atlanta has added 23,600 jobs. That is better than the same nine months of last year, although it is slower growth than 2013 and 2014.
4. Among the sectors that have been growing during the past year:
— professional and business services, (the corporate sector) up 15,900
— trade, transportation and warehousing, (that’s logistics, basically), up 15,200
— leisure and hospitality, up 12,800
— government (most of this in public schools), up 8,800
— education and health services (which is mostly healthcare), up 8,400
— construction, up 7,300
— financial activities, up 5,500
— manufacturing, up 2,900
5. After six years of job growth, the Atlanta economy has added about 432,000 jobs. Yet there are still 148,013 people out of work and looking for a job. And that number doesn’t include those who have retired early or just given up looking.
Job seekers can use the Labor Department's online job listing service, which is located online here.
More detailed labor market data from the state is available by clicking here.
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Autumn of the economy
Metro Atlanta jobs added, Jan. through Sept.
2012………. 10,300
2013………. 31,400
2014 ………. 49,300
2015………. 18,500
2016………. 23,600
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Jobs added or lost in September
2006 ………. 2,900
2007 …….. -4,300
2008 .…… -15,300
2009 ..…… -6,400
2010 ..…… -7,700
2011 ..…… -500
2012 ..…… -7,300
2013 ..…… -500
2014 ..…… -5,800
2015 ..…… -4,200
2016 ..…… 0.0
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Metro Atlanta unemployment rate, September
2006 ……. 4.6 percent
2007 ……. 4.6 percent
2008 ……. 6.7 percent
2009 ….. 10.5 percent
2010 .…..10.3 percent
2011 …… 10.1 percent
2012 ……. 8.3 percent
2013 .….. 7.5 percent
2014 …… 6.6 percent
2015 .……5.3 percent
2016 ……. 5.0 percent
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Metro Atlanta, pace of growth
By sector over the past year
Construction ….…up 6.6 percent
Manufacturing ….… up 1.8 percent
Trade, Transportation, and Utilities ….… up 2.6 percent
Information ….…down 0.2 percent
Financial Activities ….… up 3.4 percent
Professional and Business Services ….… up 3.3 percent
Education, Health Services ….… up 2.6 percent
Leisure and Hospitality ….… up 4.7 percent
Other Services ….… down 1.8 percent
Government ….… up 2.7 percent
Sources: Bureau of Labor Statistics, Georgia Department of Labor
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