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Georgia's Unemployment Drops Below 9 Percent
Georgia’s unemployment rate declined for the ninth consecutive month in April to 8.9 percent, the first time in more than three years the rate has dropped below nine percent. According to State Labor Commissioner Mark Butler, the rate fell one-tenth of a percentage point from 9.0 percent in March. The jobless rate was 9.8 percent in April a year ago.
“We now have the lowest unemployment rate, the fewest unemployed workers, and the most jobs in Georgia in more than three years,” said Butler. “Our job market continues to improve at a modest and steady rate.”
The last time Georgia’s jobless rate was below nine percent was in February of 2009, when it was also 8.9 percent. There were 423,495 unemployed workers in Georgia in April, the fewest since January 2009, when there were 409,841.
The rate declined as the number of new jobs grew by 31,900, to 3,926,000, the highest number of jobs in Georgia since January of 2009. Job growth is up eight-tenths of a percentage point, from 3,894,100 in March. In April a year ago, there were 3,904,400 jobs.
The industries showing growth were: trade and transportation, 9,200; leisure and hospitality, 9,200; professional and business services, 5,900; construction, 3,400; and education and healthcare, 2,700. While the state gained jobs overall, state and local governments shed 3,300 jobs.
The number of initial claims in April rose by 4,816, or 11.3 percent, to 47,492. Most of the increase in claims came in manufacturing, trade, and administrative and support services. While initial claims increased over the month, the number declined by 6,845, or 12.6 percent, from April 2011.
The number of long-term unemployed workers increased 1,300 in April to 240,500. The long-term unemployed, those out of work for more than 26 weeks, make up 56.8 percent of all unemployed in Georgia. However, the number of long-term unemployed is down 14,300, or 5.6 percent, from April 2011.
Thursday, May 17 2012, 12:20 PM EDT
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WASHINGTON (AP) -- Federal Reserve Chair Janet Yellen says the Great Recession complicated the Fed's ability to assess the U.S. job market and made it harder to determine when to adjust interest rates.
Yellen's remarks to an annual Fed conference in Jackson Hole, Wyoming, offer no signal that she's altered her view that the economy still needs Fed support from ultra-low interest rates. The timing of a Fed rate increase remains unclear.
She notes that while the unemployment rate has steadily declined, other gauges of the job market are harder to assess and may reflect continued weakness. These include high levels of people who have been unemployed for more than six months, many people working part time who would like full-time jobs and weak pay growth.
WASHINGTON (AP) -- The Obama administration will offer a new accommodation to religious nonprofits that object to covering birth control for their employees. The measure allows those groups to notify the government, rather than their insurance company, that birth control violates their religious beliefs.
The government is also extending an existing accommodation to some for-profit corporations like Hobby Lobby that's currently available only to nonprofits. That accommodation requires groups to sign a form transferring responsibility for paying for birth control to their insurers or third-party administrators.
The dual decisions embrace suggestions included in recent Supreme Court rulings. But they're unlikely to go far enough to satisfy religious groups. That's because they would still make the groups complicit in a system that provides birth control through their organizations' health plans.
ALBANY, N.Y. (AP) -- The maker of a popular line of wearable fitness-tracking devices says it has never sold personal data to advertisers, contrary to concerns raised by U.S. Sen. Charles Schumer.
Schumer said Friday he hopes other manufacturers of wearable devices adopt similarly transparent rules.
Many Americans wear fitness bracelets and monitors or use mobile apps to monitor their activity.
NEW YORK (AP) -- McDonald's has named a new president for its flagship U.S. division, marking the second change in less than two years.
The world's biggest hamburger chain says former McDonald's executive Mike Andres will replace Jeff Stratton, who is retiring, effective Oct. 15.
Stratton, 58, took over in late 2012 and replaced Jan Fields. That shakeup was made after McDonald's Corp. reported its first monthly sales drop in nearly a decade. Sales in the U.S. have remained weak ever since, with the company facing intensifying competition and changing eating habits.
McDonald's has said it's working on fixing basics, such as the speed of service and order accuracy.
Andres, 56, will report directly to CEO Don Thompson. Andres was most recently CEO of Logan's Roadhouse Inc.
MOLINE, Ill. (AP) -- Agricultural equipment maker Deere is laying off about 460 employees indefinitely from an Iowa tractor factory as it continues to adjust to market demand.
The Moline, Illinois, company said Friday the latest round of layoffs will be effective October 20. Deere said last week that it would lay off more than 600 employees at four Midwest factories that make harvesting and other agricultural equipment due to slumping demand.
Deere & Co. is the world's biggest farm equipment supplier and employs about 67,000 people globally.
It said earlier this month that it planned to reduce agricultural equipment production for the remainder of the year.
Company shares are down 63 cents to $85.58 in early trading.
NEW YORK (AP) -- Keurig Green Mountain says it struck a deal to make Kraft's branded coffees, such as Maxwell House and Gevalia, for its single-serve brewing systems in the U.S.
The companies did not disclose financial terms of the deal.
Keurig, based in Waterbury, Vermont, makes at-home brewing machines that let people make cups of coffee one serving at a time. The company is also working on a machine that would let people make cold, carbonated drinks at home, and has partnered with Coca-Cola to let people make various Coke drinks at home.
Kraft had also announced a deal to distribute packaged McDonald's coffee to supermarkets and other retailers. That deal will mean people will also be able to make McCafe drinks with Keurig machines.
Shares of Keurig rose 9 percent to $127.79.
Dynegy to spend $6.25B on power plant acquisitions
Dynegy plans to spend more than $6 billion to buy several coal and gas power generation plants from Duke Energy and Energy Capital Partners.
The Houston company says the deal will boost its presence in the Midwest and New England. Dynegy produces power that it sells through wholesale markets.
The company plans to spend $2.8 billion for Duke's assets and $3.45 billion for those of Energy Capital Partners, or ECP. It says the deal will add about 12,500 megawatts of coal and gas generation. Dynegy also expects the acquisitions to complement its existing business and add fuel diversification.
Dynegy Inc. says both deals should close by the end of next year's first quarter.
Shares of Dynegy are climbing in premarket trading.
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