Economics

The Augusta Leading Economic Index (LEI) increased by 0.8% on a monthly basis and 0.2% on a three-month moving average in November. Overall, the LEI is 0.1% higher than a year ago, the first annual increase since October 2022. Four out of the five components in the index improved in November from October. Residential Building permits increased by 9.6% and initial claims for unemployment insurance fell by 6.8%. The Dow Jones Industrial Average had a strong end to the year, including an 8.4% gain in November. Inflation fell a little

In November, employment in the Augusta Metropolitan Statistical Area (MSA) fell by 400 to 244,800. Unemployment remained at 3.8% for the seventh consecutive month. 170 persons left the workforce and average weekly earnings decreased by $8 to $980. The average hours worked fell to 34.1. Overall, the Labor Market Index (LMI), which is a component index of the five labor market indicators described above fell 0.2 percent. The three-month moving average continued to be positive, and the index is above the level of a year ago. However, the rate of

Labor shortages continue to be a concern for many local businesses. The Augusta Metropolitan Statistical Area (MSA) labor force (those in work or looking for work) is about 5,000 below pre-pandemic levels, although it has been rising recently (see below). Other areas of the state have seen labor force levels surpass pre-pandemic levels. The Georgia labor force has remained above pre-pandemic levels since early 2022 and is now 150,000 higher. Some parts of the state are doing better than others and one explanation may be the health of the population.