Metro Albany’s Unemployment Rate Declines to 6% in October
Monday, November 28th, 2016
The Georgia Department of Labor announced that Metro Albany’s unemployment rate in October was 6 percent, down two-tenths of a percentage point from 6.2 percent in September. The rate in October 2015 was 6.6 percent.
As the rate declined, Albany employers continued to create new jobs and more people went to work.
The number of jobs increased by 700, or 1.1 percent, to 63,300. Most of the job gains came in retail trade and other service industries, along with manufacturing.
Over the year, the area gained 1,200 jobs, a 1.9 percent growth rate. Most of the job gains came in the service industries, including trade, transportation and warehousing, along with manufacturing.
The labor force increased by 674 to 67,806. The labor force consists of employed residents and those who are unemployed, but actively looking for jobs. While the number of employed residents increased by 772 to 63,739, the number of unemployed residents declined by 98 to 4,067.
The number of initial claims for unemployment insurance, a measure of new layoffs, declined by 11, or 2.6 percent, to 414 in October. Most of the decrease came in retail trade and health care and social assistance. Over the year, claims were down by 98, or 19.1 percent, from 512 in October 2015.
Metro Gainesville had the lowest area jobless rate at 4.4 percent, while the Heart of Georgia-Altamaha region had the highest at 7 percent.
Meanwhile, Georgia’s seasonally-adjusted unemployment rate for October was 5.2 percent, up from 5.1 percent in September. It was 5.5 percent in October 2015.