May unemployment rate rises to 10.6 percent in metro Albany

Press release from the issuing company

Friday, June 25th, 2010

The Georgia Department of Labor (GDOL) reported today that the preliminary unadjusted unemployment rate in metro Albany rose to 10.6 percent in May, up three-tenths of a percentage point from a revised 10.3 percent in April. Meanwhile, the number of unemployed workers in the metro area increased to 8,147, up 211 from 7,936 in April.

The state’s seasonally adjusted unemployment rate declined to 10.2 percent in May, down one-tenth of a percentage point from a revised 10.3 percent in April. However, the jobless rate remains seven-tenths of a percentage point higher than the 9.5 percent at this same time last year. This is the 32nd consecutive month Georgia has exceeded the national unemployment rate, which is now 9.7 percent. The jobless rate in metro Albany in May 2009 was 8.7 percent.

Also in May, 1,235 laid-off workers in metro Albany filed initial claims for unemployment insurance (UI) benefits, an increase of 80, or 6.9 percent, from 1,155 filed in May 2009. Statewide, 57,919 laid-off workers filed initial claims, a decline of 17,517, or 23.2 percent, from 75,436 filed in May 2009. Most of the first-time claims were filed in wholesale and retail trade, manufacturing, construction, and administrative and support services.

State Labor Commissioner Michael Thurmond said, “We will not see a significant improvement in Georgia’s job market until small businesses begin hiring, which will lay a solid foundation for a sustainable economic recovery.”

The state showed a modest increase in new jobs in May for the fourth consecutive month. The number of jobs increased 24,700, or seven-tenths of a percentage point, from 3,818,700 in April to 3,843,400. However, the number of jobs remains less than in May 2009, when there were 3,911,400 payroll jobs, 1.7 percent, or 68,000 more than this year.

Metro Albany’s job market also showed a modest improvement. The number of payroll jobs in the metro area increased 100, or two-tenths of a percentage point, from 62,000 in April to 62,100.

The local area unemployment rates are not seasonally adjusted. Georgia labor market data are available at www.dol.state.ga.us.