There is a lot of uncertainty and volatility in the economy at the moment, and that can also be seen in the local data.
The Augusta Leading Economics Index (LEI) fell 3.8 percent in April from March, but increased 0.6 percent on a three-month moving average. It is 1.3 percent higher than a year ago (0.9 percent using the moving average).
Looking at only changes from March, all five components of the LEI deteriorated in April. Residential construction permits returned to more normal levels after March’s bumper month. Initial claims for unemployment insurance inched up but remain well below levels for the same month in 2024. April was a volatile month for the Dow Jones Industrial Average, and it ended the month 3 percent lower than March 31. Inflation in the south saw a small increase to 2.0 percent, but does not show signs of being impacted by the current tariff policy. Job openings in Georgia fell, but increased in South Carolina.
The Bureau of Labor Statistics, which collects the job opening statistics, does not break down the total number for states. However, the national numbers do show where the most job openings are. Nationally, there are over 7 million job openings, and two sectors have over a million vacancies. Health care and social assistance have 1.5 million job openings, and professional and business services have 1.4 million job openings. Other sectors with the largest job openings include leisure and hospitality, with 868,000, of which 629,000 those in food service and accommodation. Government has 847,000 job openings, mainly at the state and local level, about a third of which are in education. Retail has over half a million job openings.
It is not certain that all these job openings are related to actual jobs, so-called ghost jobs. As many as one in three job listings may be a ghost job. I know from talking to several graduating students how frustrating their job search has been this year. They apply for a job and then hear nothing back. Companies may use job listings to signal a growing company or, more sinisterly, to “motivate” current employees to work harder for fear of being replaced.
