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Data & Analysis

Labor Markets - September 2008

Data Sources on the Web
U.S. Bureau of Labor Statistics
U.S. Department of Labor
 
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Payroll Employment Growth
Payroll Employment Growth
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Source: U.S. Bureau of Labor Statistics, Federal Reserve Bank of Atlanta

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District Payroll Employment Growth
District Payroll Employment Growth
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Source: U.S. Bureau of Labor Statistics, Federal Reserve Bank of Atlanta

Month-over-Month Change in Employment: August 2008
Month-over-Month Change in Employment
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Source: U.S. Bureau of Labor Statistics

Explanation of chart
Payroll Employment Momentum
Unemployment Rates
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Source: U.S. Bureau of Labor Statistics, Federal Reserve Bank of Atlanta

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Unemployment Rates
Unemployment Rates
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Source: U.S. Bureau of Labor Statistics

Unemployment Rates: August 2008
Unemployment Rates
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Source: U.S. Bureau of Labor Statistics

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Initial and Continuing Unemployment Claims
Initial and Continuing Unemployment Claims
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Source: U.S. Department of Labor
Data and Analysis

Labor Markets

September 2008

Payroll Employment
Payroll Employment Momentum
Unemployment Rate
Unemployment Claims

Payroll Employment
According to U.S. Bureau of Labor Statistics (BLS) data, the states of the Sixth District lost a net 33,300 jobs in August from a month earlier on a seasonally adjusted basis. This is the sixth consecutive month of job losses for District states as a whole. Georgia, which lost 26,200 jobs, reported the largest month-over-month job losses in the nation. Most of Georgia's job losses were a result of the current economic slowdown, which has led to cutbacks at the local government level (including education). Florida also continued to experience significant job losses, shedding 11,100 jobs in August. Louisiana gained 9,400 jobs, the largest month-over-month gain in the nation, as rebuilding efforts and the energy sector continued to support employment. At the national level, the United States shed 84,000 jobs in August.

Changes in Payroll Employment
  M/M absolute change Y/Y % change
  Aug
2008
July
2008
Aug
2007
Aug
 2008
July
 2008
Aug
 2007
LA 9,400 –1,200 14,500 1.2 1.5 3.9
TN 2,500 5,400 3,100 –0.7 –0.5 0.5
AL 300 1,500 2,300 0.3 0.4 1.2
MS –3,200 –2,800 2,600 –0.4 0.1 0.8
FL –11,100 –9,900 2,700 –1.2 –1.1 0
GA –26,200 –13,800 6,500 –1.0 –0.2 1.5
District  –33,300 –20,800 31,700 –0.7 –0.3 0.9
US –84,000 –60,000 74,000 –0.2 –0.1 1.0

Payroll Employment Momentum
Payroll employment momentum for August remained strong in Louisiana (both short- and long-term employment trends were positive). Mississippi and the United States (less the Sixth District states) slipped into Quadrant 3 as their long-term momentum deteriorated, and Georgia showed further signs of weakness. Momentum in Florida and Tennessee remained weak (both short- and long-term employment trends were negative), although Tennessee showed slight long-term improvement. Alabama improved slightly compared to July, adding short-term improvement to its long-term positive momentum.

Unemployment Rate
The overall unemployment rate for the Sixth District increased to 6.2 percent in August from 6 percent in July, slightly above the national rate of 6.1 percent (on a seasonally adjusted basis).

  Aug
  2008
July
  2008
Aug
  2007
MS 7.7 8.0 6.2
TN 6.6 6.8 4.7
FL 6.5 6.2 4.2
GA 6.3 6.0 4.4
District   6.2 6.0 4.3
US 6.1 5.7 4.7
AL 4.9 5.1 3.6
LA 4.7 4.0 3.7

Unemployment Claims
Districtwide initial unemployment claims (IUC) for August were 41 percent higher than a year earlier. IUC continued to increase in all District states, jumping 70 percent in Georgia, compared to August 2007 levels. Initial claims also spiked in Louisiana, mostly because of recent hurricanes. Continuing claims for unemployment insurance in July continued to rise in all District states and nationally compared to a year earlier. Reports of weak hiring further supported continuing high claim numbers. Higher continuing claims suggest that people who have lost their jobs are having more difficulty finding new employment.


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