Wednesday, November 29, 2000
|
Wednesday, November 29, 2000 |
|
Unemployment rate drops State Labor Commissioner Michael Thurmond said today that the unemployment rate in the metro Atlanta area declined to 3.0 percent in October, down from 3.2 percent in September. The area's jobless rate was 3.1 percent in October of 1999. Georgia's unemployment rate declined to its lowest October level ever, as the state continued to add new jobs last month. The jobless rate dipped to 3.7 percent, down from 4.0 percent in September. It was 3.9 percent in October of 1999. "The primary reason for the decline in the rate was holiday hiring by retailers," said Thurmond. "The holiday shopping season officially kicks off the day after Thanksgiving, and retailers began in October to beef-up their workforces in preparation for a busy season. This time of year gives some people who have not been in the workforce a chance to gain valuable work experience. For those who have been on the sidelines, it's a good time to get in the game." The state added 10,800 new jobs during October, bringing its total to 4,024,200. The latest figures from the labor department show a slowing in the state's annualized job growth rate over the past eight months. The annualized job growth rate has declined from 4.2 percent in March to 1.8 percent in October, a drop of 56 percent. In absolute numbers, 161,400 jobs were added between March 1999 and March 2000, while only 71,300 were added between October 1999 and October 2000. |