Several economic indicators in the state reflected a slowdown in the pace of economic activity during the third quarter. Non-agricultural employment was essentially unchanged. New claims for unemployment benefits increased 12 percent. The value of residential building permits, which reflect construction plans, declined 2.7 percent and the state’s average manufacturing workweek slipped to 41.3 hours.
Nationally, non-agricultural employment was up 0.1 percent during the third quarter. During the past 12 months, non-agricultural employment has increased 2.4 percent in Georgia, while it has risen 2.1 percent for the nation.
Georgia manufacturing employment was off 0.4 percent during the third quarter. Employment gains were reported in electrical machinery, but losses were recorded in the transportation equipment, lumber and wood, textiles, apparel, food processing and paper sectors.
Non-manufacturing employment in the state rose 0.1 percent during the third quarter. The wholesale/retail trade, government and services sectors reported gains in employment for the quarter. Employment was lower in the contract construction sector.
Georgia’s seasonally adjusted unemployment rate for the third quarter averaged 3.6 percent, unchanged from the revised figure for the second quarter of 2000. The national rate was 4 percent, also unchanged from the previous quarter.
The Wachovia Georgia Business Index measures the state’s economic activity quarterly. Using 1987 as a base of 100, the index reflects changes in the real value of goods and services produced in the state. Data are adjusted to smooth the effects of historical seasonal fluctuations and other statistical aberrations.
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