Augusta Metropolitan Statistical Area (MSA) employment fell to 246,300 in July, according to recently released data from the Bureau of Labor Statistics (BLS). Like the national employment data, the BLS also revised down the Augusta MSA June employment level to 247,600, 500 fewer jobs than previously reported.
The Augusta MSA labor market has weakened over the last three months, with three consecutive months of declining employment and over 3,000 jobs lost (see chart below).
The decline in employment was felt broadly across nearly all sectors of the Augusta economy. Professional and business services employment fell by 675, state employment fell by 200, education and health services fell by 150, and wholesale trade employment fell by 100. Other sectors seeing double-digit declines in employment include leisure and hospitality, financial activities, manufacturing, and local government.
Mining, logging, and construction employment increased by 100, but is about a third of the level achieved pre-COVID (see graph below). Retail trade and “other services” eked out 20 extra jobs each in July.
The national employment data showed a weakening of the labor market in the last three months, although there was still job growth. The local data also suggest a weakening jobs market. With a weakening jobs market but inflation still running above the Federal Reserve’s target rate of 2%, the next meeting of the Federal Open Market Committee on September 16 and 17 to determine interest rates will be interesting.
