I have already reported the decline in employment in the Augusta Metropolitan Statistical Area of just 200 jobs in February. Other labor market economic data is now available from the Bureau of Labor Statistics.
The unemployment rate remained unchanged in February at 3.7%, while there was a small increase in the labor force of 277 people. The average weekly earnings declined to $932.59, the lowest since June last year. This represents a decrease of 3.5 percent over the last year at a time when inflation is still running at 3.2%. Real wages have therefore declined by 6.7% over the last year in the Augusta metro area. Average hours worked also declined to their lowest level since June 2023 and stand at 33.2.
Overall, the Augusta Labor Market Index fell 0.3 percent, although it remains 0.2 percent higher than a year ago.
