The continued mixed messages sent by the economic data continued in June with job openings increasing by 13.6 percent in Georgia. Georgia was one of only two states, the other being Ohio, that saw an increase in job openings. This follows the 16 percent fall in job openings in May.
South Carolina job openings fell by 6.7 percent in June.
Given the availability of job offers, people quitting their jobs in Georgia rose by 0.6 percent in June, the highest number for all states at 27,000. Layoffs and discharges by firms in Georgia fell by 0.5 percent probably due to the tight labor market and the difficulty in attracting workers.
Other economic data that was strong in May was less stellar in June. Residential building permits fell 17.9 percent in June after rising 24.2 percent in May.
Initial claims for unemployment insurance rose 22.0 percent in June after falling 17.1 percent in May.
The Dow Jones Industrial Average closed June at its lowest level since February 2021, although it has subsequently risen 10 percent through mid-August.
All this means that the Augusta Leading Economic Index (LEI) remains in positive territory, rising by 6.7 percent on an annual basis in June. However, the rate of increase continues to fall and is increasing at half the rate it was a year ago.
