RALEIGH – Unemployment increased in all North Carolina’s metropolitan areas and in 99 of 100 counties in October – a “warning sign,” says North Carolina State University economist Dr. Mike Walden.
The North Carolina Department of Commerce issued October statistics on Thursday.
“The increase in the number of counties with a rising jobless rate is a warning sign of a slowing job market.,” Walden told WRAL TechWire.
“Other indicators – such as the NCSU Index of NC Leading Indicators – have been suggesting a slowing state economy for several months. It is too early to know if ‘slower’ means continued growth – but at a slower pace – or if it means an economy that will eventually go into reverse – meaning a recession.
” The future will depend on three key factors: how high the Federal Reserve raises interest rates, whether businesses can eventually cut expenses by simply removing unfilled job – rather than cutting filled jobs – and whether depleted household savings will eventually curtail consumer spending.”
The state’s unemployment rate was 3.9%, Commerce noted.
Earlier, the seasonably adjusted rate of 3.8% was described by Walden as a sign of distress for the economy.
This chart breaks down the jobs market in the state’s metro areas:
A sign of ‘distress’ for NC economy: unemployment rate up, again
