Georgia Unemployment Rate: Lowest Record Since 1976

by Erik Randolph | Apr 21, 2022

Georgia Unemployment Rate: Lowest Record Since 1976

State unemployment rate stands at a record low

On Friday, April 15th, the U.S. Bureau of Labor Statistics released state employment numbers for Georgia. They show that our state unemployment rate stands at a record low of 3.1%, the lowest since the BLS began tracking in 1976.

The Georgia Center for Opportunity’s (GCO) take: “At 3.1%, Georgia is tied with Arkansas for the 16th lowest unemployment rate, a half point below the national unemployment rate of 3.6%,” said Erik Randolph, GCO’s director of research. “Georgia is among the 16 states that have recovered all the private employment lost due to the pandemic. According to our analysis, Georgia ranks 10th in the nation when comparing private employment to each state’s pre-pandemic private employment growth trajectory.”

“Labor force participation is still an area of weakness. Georgia’s rate ranks 26th in the nation. While Georgia’s labor force participation rate edged up from 61.9% in February to 62.1% in March, it is still below its pre-pandemic rate of 62.8%. It is also well below the states with the highest rates. Nebraska leads the nation with 69.8% participation, just 0.2 points below its pre-pandemic rate”

“The national economic picture is worrisome and can put a damper on the improving job picture. Rising inflation and supply-side problems are creating uncertainty that will impact entrepreneurial decision-making and alter the economic outlook. Some economic indicators are beginning to point to a possible economic slowdown. Although these prognostications are not certain, they are concerning.”

For more, read Randolph’s research report on the economic impact of the pandemic shutdowns.

Passed: House Bill 517

by Buzz Brockway | Apr 6, 2022

Passed: House Bill 517

The Georgia General Assembly passed a bill, which increases the cap on our state’s Tax Credit Scholarship Program

On Monday, the Georgia General Assembly passed House Bill 517, which increases the cap on our state’s Tax Credit Scholarship Program from $100 million to $120 million per year. HB517 also doubles the amount individuals, LLCs, and S Corporations may contribute and removes the automatic sunset of the program.

The Georgia Center for Opportunity’s (GCO) take: “The real beneficiaries of this legislation are the thousands of Georgia kids who will benefit from expanded access to a great education,” said Buzz Brockway, vice president of GCO. “We commend lawmakers for taking these important steps forward to strengthen the tax-credit program. At the same time, we’re disappointed the Senate retreated from raising the cap to $200 million as passed by the House. The new $20 million increase is a marginal gain and appreciated, but the program needs dramatically increased capacity. Our hope is that lawmakers will raise the cap even further in the next legislative session.”

State Unemployment Rate Stands At a Record Low of 3.2%,

by Erik Randolph | Mar 28, 2022

State Unemployment Rate Stands At a Record Low of 3.2%,

Unemployment rate stands at a record low of 3.2%

On Friday, the U.S. Bureau of Labor Statistics released state employment numbers for Georgia. They show that our state unemployment rate stands at a record low of 3.2%, the lowest since the BLS began tracking in 1976.

The Georgia Center for Opportunity’s (GCO) take: “Georgia’s unemployment rate should be cause for celebration. Our state ranks 15th in the nation on this metric,” said Erik Randolph, GCO’s director of research. “On the less positive side, Georgia continues to have a labor force participation problem. Our labor force participation rate is only 61.9%, and we know that for 2021, there were around 250,000 men between the ages of 25 and 54 (the prime working years) who were absent from the labor force. That’s a staggering 12.3% of the 25-54 male population. Policymakers in Georgia must work harder to integrate our state’s workforce services with safety-net programs to encourage participation in the labor force. We also must remove barriers to entrepreneurship and allow businesses and start-ups to be unleashed, helping to reduce inflation and employ more people.” For more, read Randolph’s research report on the economic impact of the pandemic shutdowns.

Approved– Senate Bill 601, the Georgia Education Freedom Act

by Buzz Brockway | Mar 11, 2022

Approved– Senate Bill 601, the Georgia Education Freedom Act

The Georgia Senate Education and Youth Committee has approved Senate Bill 601, the Georgia Education Freedom Act, by a 6-4 vote.

The bill would create Promise Scholarships, offering Georgia families up to $6,000 a year for any approved education expense, such as private school tuition, tutoring, homeschool curriculum, virtual classes, college classes, therapies (for kids with special needs), technology, etc.

The Georgia Center for Opportunity’s (GCO) take: “Promise Scholarships step far beyond a typical voucher by fully putting parents in the driver’s seat when it comes to their child’s education,” said Buzz Brockway, GCO’s vice president of public policy. “The funds could be used for private-school tuition, but there is added flexibility depending on each family’s unique needs, extending to paying for things like tutoring, specialized therapies, or homeschool co-ops. Passing Promise Scholarships would put Georgia at the forefront nationally of giving all children the opportunity for a great education.”

January’s Rise of the Consumer Price Index (CPI)

by Erik Randolph | Feb 10, 2022

January’s Rise of the Consumer Price Index (CPI)

The U.S. Bureau of Labor Statistics announced that

the Consumer Price Index (CPI) rose 0.6% in January

Today, the U.S. Bureau of Labor Statistics announced that in January the Consumer Price Index (CPI) rose 0.6% on a seasonally adjusted basis. The CPI is up 7.5% over the last 12 months, not seasonally adjusted. That is the highest 12-month rate since February 1982, just prior to when the stagflation of the 1970s was finally defeated.

The Georgia Center for Opportunity’s (GCO) take: “Our nation’s recent bout of severe inflation continued in January and doesn’t show signs of easing anytime soon,” said Erik Randolph, GCO’s director of research. “The rate once again exceeded consensus estimates from economic experts. Alarmingly, there seems to be a major disconnect between politicians and insider pundits over how impactful inflation is for the average American. They say we should be thankful for rising wages, but Americans are still net losers in this highly inflationary environment. When you can’t find a decent used car, your energy bills are spiking, and your grocery bills might have doubled in one year’s time, minimal wage gains are little solace.

“The monthly inflation rate for January is unsettling: 0.8% prior to being seasonally adjusted. When annualized, it’s double digits inflation (10.6%). If it were a fluke, that would be one thing. But this is the fifth time this has happened over the last ten months. This is not unpredicted. We’ve been saying since the beginning—along with many economists—that the actions taken by the federal government because the pandemic would lead to inflation.”

Georgia Education Academic Innovation Subcommittee Passed House Bill 999

by Buzz Brockway | Feb 1, 2022

Georgia Education Academic Innovation Subcommittee Passed House Bill 999

The Georgia Education Academic Innovation Subcommittee passed House Bill 999

Today, the Georgia Education Academic Innovation Subcommittee passed House Bill 999, legislation that would create Promise Scholarships allowing all children to find the right fit for their education. Scholarships could be used on any approved education expense, such as private school tuition, tutoring, homeschool curriculum, virtual classes, college classes, therapies (for kids with special needs), technology, etc. H.B. 999 now goes to the full House Education Committee for consideration.

The Georgia Center for Opportunity’s (GCO) take: “We have been fighting alongside parents and families to create more opportunities for students to access high-quality education options. Promise Scholarships are a huge leap in the right direction to put kids first,” said Buzz Brockway, GCO’s vice president of public policy. “This was a true bipartisan effort and we’re glad to see lawmakers working together for the common good of children and their education.”