Unemployment up 44 percent from last year

Atlanta jobless rate climbs

Unemployment up 44 percent from last year

By MICHAEL E. KANELL
The Atlanta Journal-Constitution
Thursday, October 23, 2008

Metro Atlanta's jobless rate climbed last month to 6.5 percent, up from 6.2 percent in August, the state Department of Labor reported Thursday.

The region's official unemployment rate, which has not been adjusted to account for seasonal variations, matches the state's rate, also 6.5 percent.

The jobless rate is up 44 percent from the same month of last year, reflecting a continued decay in the economy.

That trend is national. About 478,000 laid-off workers filed new jobless claims last week, federal officials said Thursday.

Anything above 400,000 is considered evidence of a weak labor market. The report has been above that mark since mid-July.

The weekly national filings were up from 333,000 first-time claims in the corresponding week of October a year ago.

Job losses accelerated as problems in the real estate market multiplied and led to layoffs. Many cuts came among builders and roofers. But they rippled through services like brokers and accountants, as well as into sectors like textiles, where the housing boom had boosted demand.

Now, layoffs have spread even wider across the economy, said Labor Commissioner Michael Thurmond, to include workers in manufacturing, construction, trade and services.

Metro Atlanta payrolls lost 17,200 jobs from August to September, officials said. That accounts for slightly more than half the 33,600 jobs lost during the past year.

http://www.ajc.com/business/content/business/stories/2008/10/23/unemployment.html