This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Georgia Unemployment Rate Drops To 8.7 Percent

JEFF MARTIN

ATLANTA (AP) â¿¿ Georgia's seasonally adjusted unemployment rate dropped to 8.7 percent in October, down from 9 percent in September, state labor officials said. That compares to a jobless rate of 9.7 percent a year ago, according to new figures announced early Thursday by the Georgia Department of Labor.

A total of 36,000 new jobs were added, the largest September-to-October job increase ever, Georgia Labor Commissioner Mark Butler said.

The job growth pushed the number of jobs in October to the highest level in any month since December 2008, he said.

The state's labor force also continued to increase, climbing to 4.79 million in October. That represents a gain of 17,438 workers since September.

"Our labor force has grown consistently over the past year, indicating that Georgians are more optimistic about finding a job, and fortunately, we've had the job growth necessary to put these people to work," Butler said.

The unemployment figures come as Georgia economists issued their forecasts for the coming months, which suggest continued sluggishness next year followed by strong growth in 2014.

Uncertainty over what's become known as the looming "fiscal cliff" has already done damage to the U.S. economy, according to Rajeev Dhawan of the Economic Forecasting Center at Georgia State University's J. Mack Robinson College of Business.

"The damage from the fiscal cliff is done and playing out now," Dhawan wrote in his quarterly Forecast of the Nation, released this week. "The issue is, can we can contain it?"

Congress reaching a deal on the issue is of paramount importance because the U.S. must turn to domestic sources to fuel economic growth in the coming year, Dhawan says. He says that's because exports are down, falling 3.5 percent in the third quarter of 2012, a sharp reversal from 7.0 percent growth in the second quarter.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs