The Augusta Labor Market Index (LMI) for the first quarter of 2015 increased by 0.25 percent. This compares favorably to the Georgia LMI, which decreased by 0.2 percent and is just below the growth rate of the LMI for South Carolina, which was 0.3 percent.
In Augusta, employment increased by 500 jobs, and average weekly earnings were up $38.20. Hours worked fell by 42 minutes. The two other components in the LMI are the unemployment rate and the labor force.
Normally, my favorite site, the Federal Reserve Economic Data (FRED), seasonally adjusts these variables, but has not been doing so since December. Maybe it is because of federal cuts? Even ChatGPT couldn’t help me out, so I left them as non-seasonally adjusted.
The unemployment rate fell in January, rose in February, and fell again in March. The labor force, those in jobs or looking for jobs, increased each month from January. I will update the LMI when seasonally adjusted numbers become available.
Overall, the local economy remains relatively strong. However, the data so far only encompasses the first three months of the year. Employment data for Augusta comes out tomorrow, and I will report on it next week. Nationally, those numbers were strong.
