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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.

Last week, I reported that the Gross Domestic Product (GDP) in the metro area increased by 0.5% in 2022, however, that growth is not spread evenly across the seven counties. The economy of four counties grew, while three counties shrank. The fastest growth was seen in Edgefield County at 4.6 percent. Lincoln, Richmond, and Aiken counties also grew. The economies of Burke, Columbia, and McDuffie counties shrank. Edgefield’s growth was most pronounced in manufacturing, which increased by 25 percent from 2021. In durable goods, manufacturing output increased by 51.6 percent.