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The Bureau of Labor Statistics recently released the employment data for the Augusta Metropolitan Statistical Area for December 2022. Overall, employment increased from 239,600 in December 2021 to 244,800, a gain of 2.2 percent (see graph below). Two major industry groups saw a decline in employment over the year, education and health services and leisure and hospitality. Education and health services employment was 1.9 percent lower in December 2022 than in December 2021, or 673 jobs. Leisure and hospitality jobs were 1.5% lower in December 2022 than a year earlier.

As ABD has reported, the addition of Aurubis, one of the world’s largest state-of-the-art multi-metal recycling facilities to Augusta is a boon for the local economy. At a recent panel discussion hosted by ABD, Cal Wray, President of the Augusta Economic Development Authority, addressed the company’s investment, the largest single investment by a German company in the state, and the creation of up to 1,000 jobs with a 1 Billion dollar impact. Aurubis’ promise of sustainable development and raw material security will also play a role in expanding Georgia’s electromobility

What a difference one month makes in economic data. In my economic forecast for 2023 which I gave in December, four of the five indicators in the Augusta Leading Economic Index (LEI) saw improvements in the October data. In the November data, three indicators moved in a positive direction, but two indicators saw big adverse movements. Inflation in the south fell by 0.1 percent in the month to November but remains at 7.7% on an annual basis. The Dow Jones Industrial Average increased to the end of November at over