North Carolina’s unemployment rate fell to its lowest point in nearly six years in February at 6.4 percent.
According to the North Carolina Department of Commerce, the jobless rate fell from 6.7 percent in January, a total of 0.3 percent. However, the numbers aren’t all positive.
While the report shows nearly 15,000 fewer people claimed unemployment, only 7,400 more people were hired.
The same trend is apparent when comparing the numbers over the year: nearly 50,000 more people were employed from February 2013 to 2014, while more than 112,000 fewer people claimed to be unemployed. That decreased the jobless rate 2.2 percent in just 12 months.
February 2014 also put North Carolina’s unemployment rate lower than the national number for the first time since March 2006.
The county-by-county unemployment numbers are scheduled to release April 9.
To see the complete breakdown of North Carolina’s February unemployment stats, click here.http://chapelboro.com/news/business/nc-unemployment-rate-hits-nearly-six-year-low/
MEBANE — The world’s largest retail store chain and a financial company that got the biggest U.S. government bailout five years ago are opening new North Carolina operations that expect to employ nearly 700 workers.
Gov. Pat McCrory’s office said Tuesday Wal-Mart Stores Inc. plans to open a grocery distribution center in AlamanceCounty that is forecast to employ about 450. State and local governments offered the retail giant more than $9 million in tax breaks, land, roads and other incentives if it meets job and investment projections.
Insurance giant American International Group plans a Charlotte software design, development and testing center employing 230 people. AIG could get more than $5 million in government sweeteners.
An Israel-based textile maker says it’s adding 65 jobs at Spuntech Industries Inc. in Roxboro.http://chapelboro.com/news/business/wal-mart-aig-say-plan-nearly-700-nc-jobs/
RALEIGH – Unemployment in Chatham and Orange counties improved just before the start of the new school year as the two areas are second and third in the state, according to the North Carolina Department of Commerce.
Both counties dropped 0.2 percent in July as Orange fell to 6.2 percent and Chatham fell to 6.1 percent. Currituck County remains the county with the lowest unemployment statewide at 5.3 percent.
Compared to the state rate of 8.9 percent, which saw an increase in July, the Triangle remains a strong area for jobs. Wake County saw a decrease of 0.1 percent to 7.2 in July; Durham County remained at 7.5 percent.
Compared to a year ago, Orange County is a whole point better from 7.2 to 6.2 percent; Chatham saw the same pattern from 7.1 to 6.1.
For the full report from the Labor and Economic Analysis Division, click here.http://chapelboro.com/news/business/triangle-unemployment-continues-to-fall/
RALEIGH – North Carolina’s unemployment rate saw its first increase since January with July’s rate at 8.9 percent.
The Department of Commerce, Labor and Economic Analysis Division announced Monday that the state’s seasonally adjusted unemployment figures didn’t follow the pattern of the national trend as the U.S. rate fell 0.2 percent to 7.6.
However, compared to July 2012, unemployment numbers decreased by more than 36,500 workers and employed workers increased by nearly 15,000.
County-by-county unemployment figures are scheduled to be released Wednesday, August 28.
ORANGE COUNTY – Not long ago, Orange County had the lowest unemployment rate in the state. But, according to the newest report by the North Carolina Civilian Labor Force, we have taken another hit.
Orange County’s unemployment rate rose to 6.5 percent in June, compared to 5.9 percent in May. However, at this same time last year, the county’s unemployment rate was 7.1 percent.
The North Carolina Department of Commerce says the state’s unemployment rate was at 9.3 percent in June, with the unemployment rate increasing in 81 counties. All of the state’s metropolitan areas experienced lower employment.
Those unemployed increased by around 16,100 people, bringing the number of unemployed workers in the state up to around 439,400.
These numbers are not seasonally adjusted.
Orange County had the lowest unemployment rate in the state for six months until November 2012. It is now ranked third, behind Currituck and Chatham Counties, who are first and second respectively.
The full unemployment report can be read here.http://chapelboro.com/news/business/oc-unemployment-increases-in-june/
RALEIGH – North Carolina’s seasonally adjusted May unemployment rate decreased to 8.8 percent from April’s revised rate of 8.9 percent. The rate in April had been North Carolina’s lowest point in more than four years.
From April to May this year, the national unemployment rate increased to 7.6 percent from 7.5 percent.
North Carolina’s May 2013 rate was 0.7 of a percentage point lower than a year ago.
The number of people employed in North Carolina increased by 1,018 during the month and by 37,331 during the year. The jobless rate declined by 2,451 during the month and 29,767 during the year. This brings the total number of employed North Carolinians to 4,303,514 and the unemployed to 416,565.
However, North Carolina Budget and Tax Center public policy analyst, Allen Freyer previously told WCHL that the month-to-month comparison of the unemployment rate doesn’t tell the whole story of North Carolina’s current economic condition.
The total labor force, as calculated by the Department of Commerce, is the pool of prime age workers who have a job or want one. So a decrease in unemployed people does not always mean an increase in those employed.
It’s also important to note that industry employment estimates are subject to large seasonal patterns. For example, of the major industries for which pay roll data are seasonally adjusted, Leisure & Hospitality Services had the largest over-the-month gain in jobs between April and May, while many other industries had an overall higher number of jobs despite a seasonal decrease.
The county unemployment rates for May 2013 are scheduled to be updated on Tuesday, July 2, 2013.http://chapelboro.com/news/business/state-unemployment-rate-sees-slight-drop-since-april/
RALEIGH – North Carolina Budget and Tax Center public policy analyst, Allan Freyer says the month-to-month comparison of the unemployment rate doesn’t tell the whole story of North Carolina’s current economic condition.
“The 15,000 workers that are no longer considered unemployed didn’t move into jobs; they didn’t move into employment,” Freyer says. “If they had, we would have seen the number of employed workers in North Carolina go up.”
From March to April this year, the number of unemployed workers dropped by 15,259. However, the number of employed workers didn’t increase by more than 15,000, in fact it also dropped by 4,188.
Freyer says the numbers are a little more disappointing than a 0.3 decrease in the unemployment rate.
The total labor force, as calculated by the Department of Commerce, is the pool of prime age workers who have a job or want one.
“And it’s now actually at the lowest level since July 2012,” Freyer says. “It erased almost nine months’ worth of gains. And, even more troubling is that the total number of employed people in North Carolina also dropped to the lowest level since October 2012.”
The unemployment rate does show signs of recovery, though. The year-to-year comparison is the best measure and shows that in April, North Carolina’s labor force increased by more than 13,000 people, the unemployment rate decreased by more than 21,000 and the employment rate increased by just more than 35,000.
Freyer says it’s not a bad thing to look at the unemployment rate to measure the economic condition, but it needs to be used as just one of the calculating tools. Another one of those tools is called the employment to population ratio.
“It measure the percent of your total population that’s employed,” Freyer says.
In April, 57 percent of the North Carolina’s population was employed; 58.6 percent of the nation’s population was employed.
Again, that can’t be the only tool used as it measures the entire population and not just the labor force.
RALEIGH – North Carolina’s seasonally adjusted unemployment rate fell to its lowest point in more than four years in April, according to figures released Friday by the NC Department of Commerce.
The jobless rate fell 0.3 to 8.9 percent in the first month of the second quarter of 2013, which equals the January 2009 rate. That marked the mid-way point of a steep incline in reports of unemployment since the beginning of the Great Recession. The uptick began around the five-percent mark in early 2008 and climbed to 11.3 percent in just more than a year. The fall has been much slower.
The country’s unemployment numbers were also positive in April, dropping 0.1 to 7.5 percent. The entire country saw the same trend in jobless reports, but only peaked at 10 percent and has since seen a slightly quicker decent.
County-by-county numbers for April are scheduled to be released Wednesday, May 29. Orange County has remained the leader in positive unemployment numbers since November 2012.