In June, the Augusta Leading Economic Index (LEI) increased 0.5% from May. The index has increased 4.4% from June 2013. This represents four consecutive months of growth since the winter ice storm negatively impacted the index in February. Justifying its tag as a leading index, the increase in the LEI preceded the increase in employment which started in March. The labor market should remain robust over the next few months as both initial claims for unemployment insurance and job openings show continued improvement.  

The chart below indicates which industries have grown over the last year. Much of the jobs growth has come from leisure and hospitality and professional and business services. Leisure and hospitality has overtaken the retail trade to be the third largest sector of the local economy. Weekly earnings of all private sector employees have also increased over the past 12 months and currently average $853.40 ($799.70 in June 2013).