NC unemployment rate remains under 4%

RALEIGH – North Carolina’s unemployment rate remained at 3.9% in December 2022, according to the latest data release from the Labor Department. And in the Triangle, there are again a growing number of job openings as companies seek workers to fill an aggregate of more than 300,000 vacancies, according to today’s WRAL TechWire Jobs Report.

Despite the unemployment rate rising in the latter part of 2022, it remained flat in December, the United States Bureau of Labor Statistics found.

But that report “confirms the North Carolina economy is slowing,” said Dr. Mike Walden, an economist and a William Neal Reynolds Distinguished Professor Emeritus at North Carolina State University, in an interview with WRAL TechWire on Tuesday.

That’s because the number of individuals that are participating in North Carolina’s workforce fell by nearly 2,000 while the number of folks employed dropped by almost 2,500, Walden noted.

So while the unemployment rate remained unchanged, that was due to a decrease in the labor force, said Walden.

“The conclusion is the December jobs report – along with other data – strongly suggest a decelerating state economy, similar to the national pattern,” Walden said. “The big, big question remains, will the “economic engine” continue forward, albeit at a slower speed, or will it eventually stop and roll back, meaning a recession?”

Tech employment in NC is still growing despite economic challenges, report finds

North Carolina’s labor market

In North Carolina, and in the Triangle, however, tech sector employment continues to grow. And while there’s been a recent decline in job postings – at least in December 2022 – the four-year trendline remains up and to the right, according to a report released on Monday by the North Carolina Technology Association, NC TECH.

That’s happening despite layoffs, including those announced by Google parent company Alphabet and Microsoft in recent weeks, as many technology firms “overshot” in the prior three years, according to Walden.

Still, there are more than 3,400 open positions at 50 of the most notable Triangle area firms, today’s WRAL TechWire Jobs Report found.