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Georgia’s unemployment rate hit 7 percent in October, the highest rate since 1992, the state Labor Department said Thursday.
The October rate is up from 4.5 percent in the same month of 2007, and metro Atlanta has lost 44,800 jobs over the past 12 months, or 1.8 percent of the total, the report said.
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Latest Headlines:
* Georgia jobless rate jumps to 7 percent
* 2 troubled community banks hit with sanctions
* Weather Channel lays off staff
* Economist: Georgia's job losses to grow until 2010
* High-paying jobs on decline in metro Atlanta
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The state’s unemployment rate has climbed steadily this year, with the increase accelerating this fall. The rate was 6.4 percent in September.
“Georgia’s economy is being slammed by a deteriorating job market,” Labor Commissioner Michael Thurmond said.
The department said 343,093 unemployed Georgians are looking for work. Manufacturing, construction and retail are among the hardest hit sectors, the department said.
The Dalton area in north Georgia, where the job market is heavily dependent on flooring and other housing-related companies, has been the state’s hardest hit area, losing 3.7 percent of its jobs in the past year.
Macon, Athens and Gainesville have been the most stable area, posting job losses of .1 percent.
The unemployment report comes a day after Georgia State economist Rajeev Dhawan predicted the economy will struggle through 2009 before making a modest recovery in 2010.
Georgia’s unemployment rate hit 7 percent in October, the highest rate since 1992, the state Labor Department said Thursday.
The October rate is up from 4.5 percent in the same month of 2007, and metro Atlanta has lost 44,800 jobs over the past 12 months, or 1.8 percent of the total, the report said.
BUSINESS
Latest Headlines:
* Georgia jobless rate jumps to 7 percent
* 2 troubled community banks hit with sanctions
* Weather Channel lays off staff
* Economist: Georgia's job losses to grow until 2010
* High-paying jobs on decline in metro Atlanta
• More business news
• Business photo galleries
The state’s unemployment rate has climbed steadily this year, with the increase accelerating this fall. The rate was 6.4 percent in September.
“Georgia’s economy is being slammed by a deteriorating job market,” Labor Commissioner Michael Thurmond said.
The department said 343,093 unemployed Georgians are looking for work. Manufacturing, construction and retail are among the hardest hit sectors, the department said.
The Dalton area in north Georgia, where the job market is heavily dependent on flooring and other housing-related companies, has been the state’s hardest hit area, losing 3.7 percent of its jobs in the past year.
Macon, Athens and Gainesville have been the most stable area, posting job losses of .1 percent.
The unemployment report comes a day after Georgia State economist Rajeev Dhawan predicted the economy will struggle through 2009 before making a modest recovery in 2010.
Scary!
I would hazard a guess that the Georgia 7 percent unemployment rate is on the low side. Taking into account underemployment, I would assume the unemployment stats are easily in the double digits.
Deflation is apparently going to be a problem. Here in Atlanta, median home appreciation has been only 1.9 percent for the past six-years. This computes to only $2,800. For example, Trenton, New Jersey had price appreciaiton of around $150,000.
With the huge projected job losses, many families may have two or three generations living in the same house. That's a very likely scenario. If you can't find a job, you may have to move in with mom and dad.
If that occurs, apartment vacancies will be in the double digits with falling apartment rents. Realistically, Buckhead may become very affordable with rental reductions as much as 25-50 percent. It's either that or possibly two or three free months on a year lease.
I think the jobless rate in GA is much higher and in double digits already. They said by next year it will get worse. I'm out of this place, I love GA but there are NO jobs.
Well, it looks like the unemployment rate in California is 7.7% (per the US Dept. of Labor) and, like in GA, it's not couting all those without jobs, so that means it's higher here as well.
It's scary to think what that means for everyone everwhere. In this area, because of the forcloures, rent increased 10% and rent here is already an arm and a leg. My mom said there were bread lines in Oakland, like there were in the great depression. Very scary.
At the same time, when I look at job boards for Atlanta, I do see quite a few jobs in my field that are paying close to what some pay here. I wonder if there are no jobs in certain industries, while others remain pretty solid.
CAMademoiselle, in my field there are tons of jobs. The Bay Area is always known for giving away free food to those that know about it and will take it. It was always funny to me that the old Asian ladies will line up for the free food, not that they need it, then sell it on the street corners. GA's population is over 5 million people CA has over 20 million people. GA and like type states will fill it more. The jobless rates in CA from city to city is not the same. People in the Bay have not been as affected as people in So. CA. If you are in real estate/development or construction you are being hit pretty hard in any part of CA. The Sacramento area will account for most of the jobless claims since that was one of the first areas in CA to had a large number of REO'S then you have Vallejo to follow it since it went bankrupt this year then you have San Diego. Gavin Newsom I'm sure new of all the budget cutts that needed to be made in SF so I think that area will remain to be fine. Areas like Hollywood, Beverly Hills, Pasadena, etc. will continue to be fine during this time. 7 % in CA is nothing but for GA it is too high.
So, there are tons of jobs in your field in Atlanta, but yet the employment rate is climbing there... I don't get that, I guess.
In San Francisco, I believe the unemployment rate is like 6%, so not that much less than the entire state of GA. We see the store chains closing and hear of layoffs. Even my own firm has made quite a few layoffs and some of the larger San Francisco firms have closed entirely laying of hundreds, who are now looking for jobs. There are concerns that clients won't be able to pay their bills and what will happen then.
I think certain industries here are going to become more competitive than they were previously and those jobs harder to get, or for less pay.
There have always been free/low-cost food resources, but I never in my entire life recall people literally waiting in line for a loaf of bread. I mean, not a box of food, but one loaf.
Everyone seems to discourage people from moving to Atlanta because of the job market, but I have friends here who have been looking for a job for over a year. So, that leads me to believe it's really bad everywhere, although possibly minutely better in one place over another.
Out of curiosity, what industries seem to be thriving in your area?
CAMad..., you are referencing numbers from September's job loss report in CA. For the entire state it is 7% in September. Again, it is area by area. When you reference the same report for the Bay Area the report includes other near by cities (Over-the-Year Change in Unemployment Rates for Metropolitan Areas) and I am sure that for SF on its own would be a lot less on average than Atlanta. If you look at the job losses for the month of October it is down (besides I think the job losses are higher in GA then is stated). A lot of the job losses in the Bay Area is a combination of real estate professionals, contractors, state employees and non profits (when I think about it). The state had been running a deficit for some time now and over the last two years a lot of non-profits were warned of a decrease in spending the state/feds were going to give them. I think a lot of these states that aren't in that much of trouble want to inflat numbers so that they can put in their claim for the rest of the bail out money. CA I don't care what you say is much easier to get a job in than GA (there are not all these rules and regulations and affiliations you have to have). Even if you wantd to flip burgers in CA you can do it much easier there than here. Gosh, here they might want your blood before they are willing to pay you $7/hr.
In So. Cal you don't find food lines. But I worked in SF and you can find food lines all over the place. In SF anything goes. Before Newsom became the Mayor people anyone could act as if they were a homeless person and didn't need to show id or nothing and get money from SF I believe it was twice a month. You use to see long lines for that. There use to be tents of homeless people in SF even when the economy was good. People in the Bay are smart when they don't have to spend money they don't when they can get it for free. They have tons of food banks and there was always a line and will always be a line.
I'm an Accountant and I can always find a job in CA even just to temp. Not the case in GA. I currently live in GA and just moved from CA this year and have many friends and family still there so they aren't hurting. The employment situation is bad every where in some areas worse than others. I don't think people are trying to discourage people from moving here (I use to think the same thing) but I think they are warning others to think first before you get here. GA is not the place you want to move when you aren't working. Even if someone is interested in hiring you here they take their sweet time good/bad market.
Yes, it was from September of this year, but in the middle of October EDD said the percentage in CA was unchanged. In fact, I actaully looked at San Francisco on it's and it was 5.9%, so basically 6%. It also is noted as the third least with Marin being number one (lowest rate of unemployment, not surprisingly) and then I forget the middle city... then San Francisco.
I'm not saying things aren't a bit harder in GA, but from what I see living and working in this city, tons of stores are closing everywhere, including chains, and offices are laying people off right and left (receptionists, assistants, attorneys, etc.), so I think it's just hard times for all and I'm not going to let that fact deter me from living my life.
That said, I'm not moving without a secure job and wouldn't even in good economic times because I'm just paranoid like that.
CAMad..., CA does not have a huge number of unemployed Accountants but GA does. I mainly moved here because ATL was said to be one of the leaders in Financial and Accounting employers. It was not the case when I got here. If you are not here you have NO idea how things are. But since you don't want to listen to people that live here, good luck.
Oakland for the last 20 years has not been a place for retail stores to thrive so they are constantly closing NO surprise. The city of SF is always putting money into redevelopment so they have less of a problem than Oakland as Oakland will never measure up to the class and sofistication of Oakland (sorry to my Oakland folks).
I'm not trying to deter you from moving here I didn't listen to several people on this site. Good luck to you if you even think you can get a job here any type of job. First of all you will be coming here from CA which employers are already very apprehensive about. They don't understand why people from CA of all places want to relocate here. So they are less likely to consider you for the job. Employers can get the pick of the litter here. But unlike the Bay be prepared to also have excellent credit or again you will not be considered for a job. At least in CA you don't need to know anyone you just have to be qualified. The same can not be said for GA.
Don't get me wrong this is a great place if you have money and connections. One of the few places where one can buy a house similar to what you pay for a car. But this place will also make you broke. Don't think that if you do get a job and don't like it that you will be able to get a job in a couple of weeks or months. This is just not the place. If you are a single woman, it just is not the place. Don't think you are going to meet Mr. Right here. Too many women not enough men. This is an excellent place for people that have families and are trying to start one. Things here take time. Don't expect things to be similar to CA. Once you are here you will see what you took for granted in CA. Some things that you can get done in less than an hour can take days. Oh, just wait until you get your Driver's License and have to register your car. This is one of the few places that I see successful Black folk in mass. This is a place where you see Blacks and Whites living right next to each other without a problem. Starting a business here can be very tricky. This is a place where it matter who you know, what you are driving, where you went to school, and where you are living. This is a place that is just so beautiful and although has a lot of clicks has really great people. The parks are just so clean. There are trees for days. This is a beautiful state I love it but just trying to keep it real.
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