I have already reported that Augusta’s employment rebounded from Hurricane Helene in November, increasing by 800. But what about other labor market indicators?
The unemployment rate increased for the eighth successive month to 4.8% in November, and the Sahm Indicator has been indicating a recession in Augusta for four months. The unemployment rate is the highest rate for all Metropolitan Statistical Areas (MSAs) in the State of Georgia. Record employment and increasing unemployment can be explained by the increase in the labor force. These are people that previously were not looking for a job or in work. Since January 2024, the Augusta labor force has increased by about 5,000 with about half finding jobs and half being unemployed.
Average weekly earnings increased about $60 in November from October and hours worked recovered some of those lost due to Hurricane Helene. Overall, the Augusta Labor Market Index increased by 0.2 percent from October to November. This represents the third-highest month-to-month growth rate in Georgia. The chart below shows there is not much difference in the labor market growth of MSAs hit by Hurricane Helene (Augusta, Hinesville, Savannah, and Valdosta) and those that were spared.
Despite the increasing unemployment rate and the lingering effects of Hurricane Helene, the labor market in Augusta remains relatively strong.
