Understanding the unemployment rate within the United States is an important factor in also understanding the overall economy. For example, the jobless rate, as it is also called, does not necessarily foreshadow future occurrences or trends. However, analyzing the unemployment rate data can contribute to budgetary determinations, such as the unemployment insurance program, and whether the state is declared as in recession. As it stands, the unemployment rate as of May 2017 in the United States is currently at 4.4 percent, which is about 0.6 percent lower than early 2016.
Wondering what is the unemployment rate in Georgia currently? As of May 2017, the unemployment rate in Georgia fell to a historical low of 4.9 percent. This is the lowest jobless rate in Georgia since the Great Recession nearly a decade ago in 2007. Just a year ago the unemployment rate in Georgia was at 5.3 percent. What has led to such a drastic decrease is Georgia’s job market, which has been flush with new opportunities as the state sees more workers entering the job market, as well as re-entering after time away. The total number of Georgians who have been recently employed is nearly 10,000 from April to May, which is what led to the decrease in the unemployment rate in Georgia. The labor sector with the most growth in Georgia was the professional and business services, generating over 20,000 new positions from a year ago. Even unemployment claims in Georgia have seen a drastic decrease of 18 percent from last year. High first-time unemployment claims are usually indicators of layoffs within the labor sector.
Besides the unemployment rate in Georgia being of interest, it is also important to note that for those who are seeking out financial assistance, each state offers unemployment insurance benefits. Unemployment benefits act as a temporary assistance financially for eligible individuals who find themselves without work. Eligibility requirements do vary from state to state, so it is important to understand each state prior to applying. For example in Georgia, your past financial earnings must meet a minimum as illustrated within the state.