Employment in the Augusta Metropolitan Statistical Area inched up by 200 jobs in September to stand at 244,400, but employment locally remains below pre-pandemic levels.
With little change in total employment, it is not surprising that there was little change in employment in many industries. Industries seeing a decline in employment include leisure and hospitality with a decline of 600 jobs and professional and business services falling by 1,325.
There was an improvement in other labor market indicators with average weekly earnings increasing at 8.5 percent on an annual basis and hours worked increasing by 30 minutes per week.
Earnings are just about keeping track of inflation which eased slightly to 7.7 percent nationally in October (8.1 percent in the South). Although the headline inflation rate came in lower than expected, food and energy prices continue to outpace general inflation.
Food at home was up 10.9 percent and food away from home was up 12.4 percent. Cereals, bakery, and dairy products have increased by over 15 percent over the last year. Gasoline is up 17.5 percent over the last year and electricity by 14 percent, but natural gas is down 20 percent.
A variety of other categories saw declines in prices over the previous month, though there is no clear downward trend in most. Medical care fell 0.5 percent in October, used cars and trucks fell 2.4 percent, and airline fares fell 1.1 percent. All three categories remain higher than a year ago.
The next employment data (for October) will be released on December 1. I will provide an analysis of this report and a look forward to 2023 in my annual Economic Forecast Breakfast on Thursday, Dec. 8 at 7:30 a.m. in the Dr. Roscoe Williams Ballroom of the Jaguar Student Activities Center on the Augusta University Summerville Campus.
The forecast breakfast is free and open to the public. To register for the event, click here.
