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Georgia's in an Economic Slump

Wed, 03 Sep 2008 19:08:05 GMT

http://www.EmploymentCrossing.com According to economists at Georgia State University, Georgia will not be coming out of its economic slump in the near future. However, luckily for residents located in ports, like Savannah Georgia, they might be seeing the other side of the rainbow a little bit sooner. It is reported that Savannahs growth rate in 2008 will be around 0.8 percent and in 2009 0.7 percent. In addition, its also not expected to experience job cuts like the rest of the state. According to a Georgia Port Authority representative, Georgias ports export market is very strong; however, the industries job growth is starting to slow down. The employment rate in Savannahs metro area was up 0.4 percent in the second quarter of 2008, as compared to a year ago. It is reported that a majority of jobs came from the transportation and utilities sectors. In addition, 400 retail jobs and 270 educational and health related jobs were added. Unfortunately, it is reported that the state will collectively lose 35,300 more jobs by the end of this year and 2,600 more jobs in 2009.

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Inflation Could Offset Raises

Tue, 29 Jul 2008 01:08:00 GMT

Given the current state of the economy, many wonder if their employer will be able give them a raise next year. To answer their question, yes. The only problem, given a current 5% rate of inflation…it might not be enough. According to a study conducted by Watson Wyatt Worldwide, 33% of the companies they surveyed still plan on allocating merit increases in 2009. The report shows that rank-and-file workers can look forward to base pay increases of 3.5% next year (the same amount given this year). The company also concluded that high performers will be rewarded for their hard work at a rate of 4.4% So while many companies are being forced to their work force, restructure, and shrink expenses, those still working can breath a sigh of relief. Next year, they should get a raise. http://www.EmploymentCrossing.com

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Unemployment Claims Rise

Fri, 25 Jul 2008 21:33:02 GMT

Reaching the highest mark in 4 months, new Unemployment Claims increased by 34,000 for the week. The Labor Department reports the 406,000 new claims for the week further illustrate a poor labor market. With the national Unemployment Rate at 5.5%, U.S. joblessness has become a major concern. In 2001, weekly unemployment claims averaged 415,000. Any figure above 350,000 indicates a weak job market and shows poor growth in the economy. The Labor Department projects the Unemployment Rate will reach 5.8% by the end of the year. Employers are looking to cut their labor costs, as they are threatened by the Big Three: fuel costs, a slump in the housing market, and a national credit crisis. Consumers have been cutting back on spending, which continues the trend, as retail represents two-thirds of the economy. 37 states reported increases in new unemployment filings. The report also found the number of continuing unemployment claims, actually dropped by 9,000, to 3.1 million. http://www.EmploymentCrossing.com

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