CHARLOTTE – North Carolina’s unemployment rate of 3.4% went unchanged between April and May, according to the N.C. Department of Commerce. North Carolina’s rate also was unchanged from a year ago. The national unemployment rate increased 0.3% to 3.7%.
“This was another positive report,” N.C. State economist Dr. Mike Walden tells WRAL TechWire.
“Jobs were up, the unemployment rate remained at a low 3.4%, and job gains continued to be robust in sectors that had suffered from labor shortages through most of the pandemic. The leisure and hospitality sector, especially, added 4300 jobs. The labor force grew, and the labor force participation rate – a measure of the percentage of people in the workforce who have jobs or are looking for work – continued to edge higher. Indeed, this key rate is now 99% of it level prior to the pandemic.
“To me, these are more signs the labor market is returning to normal. The question is, will this normality last?”
The number of people employed increased 20,351 over the month to 5,033,140 and increased 42,690 over the year. The number of people unemployed decreased 3,076 over the month to 175,754 and decreased 1,737 over the year.
While those numbers show employment growth is slowing, it remains positive. Initial claims for unemployment is higher than it was a year ago, but remains near the low levels the state saw in 2019. The number of job openings is hovering near its all-time high, indicating a still hot labor market. “While economic growth is expected to moderate further in the months ahead, for now, conditions for jobseekers remain as favorable as ever,” according to a state release.
Major industries experiencing increases were leisure and hospitality services (4,300); professional and business services (3,200); trade, transportation and utilities (2,500); education and health Services (1,200); government (700); information (200); and manufacturing (200).
Major industries experiencing decreases were construction (2,400); other services (2,200); and financial activities (1,300). Mining and logging employment remained unchanged.
(C) Business North Carolina
