by T.A. DeFeo
Georgia’s unemployment rate continues to remain lower than the national rate.
On Thursday, officials said the Peach State’s June rate was 3.2%, the same as May’s revised rate and lower than the national average of 3.6%.
“Georgia continues to become an economic powerhouse, attracting leading-edge businesses from around the globe,” Georgia Labor Commissioner Bruce Thompson said in an announcement.
“While low unemployment is crucial for a thriving economy, balancing job growth with a skilled workforce capable of meeting the demands of new and existing industries is crucial,” Thompson added. “This balanced approach will help guarantee that businesses of all sizes have the talent they need to grow, scale, and succeed.”
Meanwhile, Georgia’s labor participation rate was 61.3% in May, below the 62.8% participation rate in May 2019, before the COVID-19 pandemic caused the rate to decline, and the 62.4% rate in October 2020, after the state re-opened.
During the pandemic, the labor participation rate reached its low point in September 2020, when it hit 59.5%.
In June, Georgians filed 23,477 initial claims for unemployment benefits, down 525 from May and 2,183 from last year.
Earlier this month, the National Federation of Independent Business’ Small Business Optimism Index for June revealed “a slight uptick” in small business optimism. However, finding qualified workers remains challenging for Georgia businesses.
“Small business optimism nationwide was up a bit in June, but it’s still not as strong as it should be,” NFIB State Director Hunter Loggins said in a release. “Our members say inflation and labor quality are their biggest challenges right now, which is troubling. It means prices are high, and Main Street businesses can’t always find enough workers to provide the level of service their customers expect.”
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T.A. DeFeo is a contributor to The Center Square.
