Posted on 07/16/2009 7:34:17 AM PDT by devane617
ALBANY - The numbers released from the state's Labor Department Wednesday indicate that the economic crisis is still not over.
The Georgia Department of Labor reported the state's seasonally adjusted unemployment rate to be at 10.1 percent for June - the highest jobless rate Georgia has ever recorded.
"We are in tough times," said state Labor Commissioner Michael Thurmond. "We are in the midst of the most severe economic downturn since World War II. Georgians are finding it difficult to get back in the work force."
Data was also released Wednesday regarding jobs in the state's metropolitan areas from the previous year - with drops everywhere. In Albany's case, the number of payroll jobs in June had decreased by 2,200, or 3.4 percent, from June 2008.
At least from an Albany perspective, these numbers might actually be lagging from previous months.
"A lot of these numbers are still a reflection of past activity," said Aaron Johnson, assistant professor of economics at Darton College. "Unemployment numbers are lagging numbers. Even as an economy picks up as a whole, there may be some (rising) unemployment numbers. We may still see that for a month or two."
Taking that into consideration, it may be a few months still before recovery, or at least signs of recovery, are seen. In Albany's case, the future of the economy is dependent on business growth - whether replacing lost businesses, expanding existing ones or investing in projects such as downtown revitalization, Johnson said.
"We need to find ways to fill those gaps," he said. "There's an opportunity to grow as a community."
Last month, 483,394 unemployed Georgians were looking for work, an increase of 65 percent over June 2008. Of those, 160,249, or 33 percent, are receiving state unemployment insurance benefits, while approximately 93,000 are receiving federal extended benefits.
From Thurmond's desk, the road to recovery may be to think "small."
"We are going to have to stimulate the private sector," he said. "Small- and medium-sized business is where 80 percent of our jobs are created."
Over-the-year losses came in professional and business services, including temporary employment agencies, manufacturing, trade, transportation and warehousing and the construction industry.
"We encourage people to keep the faith," Thurmond said. "We will not give in to this recession."
The health care and educational services showed a combined increase of 12,000 jobs statewide.
The jobless rate was up five-tenths of a percentage point from a revised 9.6 percent in May. The number of payroll jobs in June decreased 209,500, or 5.1 percent, from the same time last year.
The jobless rate last month was up 4 percentage points from 6.1 percent at the same time last year. The national unemployment rate is at 9.5 percent.
B.O. failed to provide the jobs he promised so they lost their homes to foreclosure.
I wonder what the breakdown is of Atlanta vs. the rest of the state.
We haven’t seen the worst by any means. Great Depression II is barely started.
But, the markets are up.
I heard, or read, the other day that tax revenue from businesses are down by 50+%, and down from individuals 20+%. I don’t know if I heard that correctly, but if close to true it is alarming.
Yes We Did! Yes We Did! Yes We Did! Yes We Did! Yes We Did!
It’s bad here guys. I’ve saying for months how all the manufacturing jobs went to Brazil, Mexico or China and now towns are completely shutting down.
The thousands of employees from those jobs no longer have spending money which affects every restaurant and store and then it goes worse.
I’ve been owed a state income tax refund for nearly six month now. Filed at the end of January and still no tax refund.
They claim they are “still working on it” and my CPA said she’s only seen a handful get theirs and it was under $100.
I’m beginning to think I’m going to get an IOU.
I’ve been owed a state income tax refund for nearly six month now. Filed at the end of January and still no tax refund.
They claim they are “still working on it” and my CPA said she’s only seen a handful get theirs and it was under $100.
I’m beginning to think I’m going to get an IOU.
There is lots of stuff that goes on behind the scenes which is worth the job of any reporter who dares to touch it or editor who dares to print it. The MSM anoint the Messiah and the 'Rats as designated winners and you really need to read between the lines to get at the truth.
This is hard to judge to be honest. There are no Americans in my neighborhood.
From Thurmond’s desk, the road to recovery may be to think “small.”
And this is different how? Thurmond is always thinking small. Hypocrat liberals are destroying the country before our very eyes.
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