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Despite that fact that 600 jobs in Atlanta were created in October, the city's unemployment rate continued to rise, according to a recent press release put out by the Georgia Department of Labor (GDOL). Last month 6.8 percent of the metro area's residents were without work, which is a 0.4 percent increase from September and 2.4 percent higher than the jobless rate of October 2007.

This increase was mirrored throughout the state, as Georgia's unemployment rate climbed to 7.0 percent. GDOL statistics show that this figure was up 0.6 percent from September and 2.5 percent from last year's 4.5 percent jobless rate. Currently, unemployment in the state is the highest it's been in the last 16 years.

"Georgia's economy continues to suffer from increasing job losses and rising unemployment," said Michael Thurmond, who is the State Labor Commissioner. "I commend out state's congressional delegation and President Bush for approving extended unemployment insurance benefits for the more than 90,000 Georgians who may be eligible under the new law. This is welcomed and much-needed financial assistance, as they search for new jobs."

The addition of approximately 600 Atlanta jobs last month couldn't help the situation much. Since last year, the metro area has lost somewhere around 44,800 positions. Throughout the state, approximately 61,300 jobs during the last 12 months. According to Thurmond, those claiming unemployment benefits have increased by around 75 percent since last year.

One of the largest contributors to state's problem is the real estate market, which has been bogged down with too many houses for sale and too fewer buyers. The high rate of foreclosures has made things even more difficult. This industry has caused trouble for many other areas of employment including construction and manufacturing.

Experts expect that the situation will get worse before it gets any better. Unemployment rates are likely to continue to rise into next year. The average jobless rate for next year will likely by somewhere around 7.5 percent and many believe that it will end up somewhere around 8 percent during 2010, according to the Georgia State Economic Forecasting Center.

Labels: Jobs in Atlanta