The Georgia Department of Labor revealed on Thursday that the state’s unemployment numbers remained constant at 3.4 percent for the third consecutive month in November, even as small business owners across the country report a pessimistic outlook for the economy.
A total of 14,300 jobs were added to Georgia in November, bringing the total number of jobs generated in 2023 to 103,700. Nearly 5 million jobs exist in Georgia, which the agency reported continues to be the state’s highest number ever recorded.
Georgia Labor Commissioner Bruce Thompson commended the findings, declaring, “the greatest gift we can give Georgians is a future filled with opportunity.” He added that Georgia “stands among the nation’s best,” and is “poised to enter the new year with hope and boundless possibilities for all.”
Sectors the agency reported saw the most growth were health care and social assistance, finance and insurance, and professional, scientific, and technical services, leisure and hospitality, and financial activities.
While Georgia has seen a net increase in jobs in 2023, some sectors have seen declines in jobs. There are almost 10,000 fewer transportation and warehousing jobs and 8,000 fewer administrative and support services jobs than in 2022.
However, initial unemployment claims were up by 3 percent in November, potentially bolstering local businesses’ concerns about holiday consumers not making typical purchases in 2023.
A recent survey found that 76 percent of small business owners in the United States reported seeing no increase in sales during the holiday season, and 55 percent said their profit margins had decreased in 2023. Two-thirds of respondents said they understood their relative decline in sales was due to consumers having less disposable income, though 31 percent said online shopping contributed. Two-thirds said the economy in 2023 is tougher than previous years.
Small business owners nationwide also reported less optimism in November, marking the 23rd straight month of below-average outlooks. Twenty percent of respondents pointed toward inflation as the most significant problem for their business, and 40 percent reported difficulties filling job openings.
Terry College of Business Dean Ben Ayres recently told attendees at a 2024 Georgia Economic Outlook speech that Georgia “is well positioned to weather an economic slowdown,” adding that he expects the state’s economy will have a “soft landing” and “outperform the U.S. economy” in such a scenario. He explained that ongoing projects throughout Georgia combined with “favorable demographics” will be “the main reasons why Georgia will fare better than the nation.”
In moves he said will support the Georgia economy and state workers, Georgia Governor Brian Kemp (R) is planning to “accelerate” tax cuts in 2024 and recently announced a $1,000 one-time bonus for teachers and public employees.
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Tom Pappert is the lead reporter for The Tennessee Star, and also reports for The Georgia Star News, The Virginia Star, and The Arizona Sun Times. Follow Tom on X/Twitter. Email tips to [email protected].
