Employment in the Augusta Metropolitan Statistical Area (MSA) fell by 1,200 in May compared to April. There are two reasons for this fall that I can see in the data.
First, although the employment data is seasonally adjusted by the Federal Reserve Economic Data team at the St. Louis Fed, the hangover effect of the Masters golf tournament can be seen in the leisure and hospitality and other services sectors. Employment in leisure and hospitality fell by 600, and other services by 1,100.
Second, we may be beginning to see the effects of some of the Trump administration’s policies in local data. Government employment fell by 150 in May, with 100 of these jobs being in the federal sector. Since February, federal government employees have fallen by 300, or 3%. Manufacturing employment increased by 25 jobs in May and is up by 100 jobs since February.
The sector that saw the largest monthly growth in employees was professional and business services, up 330. This sector has added 8,000 jobs since the COVID-19 recession and is over 3,500 jobs higher than the pre-pandemic peak (January 2018).
Average weekly earnings fell off their record high in April to stand at $1,189 in May but have increased by 27% since April 2020 and have just outpaced inflation over that period. Prices have risen by 25% since April 2020.
