March’s Local Jobs Report Explained | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Paige Terryberry.

    The monthly local jobs report reveals unemployment rates and related economic indicators at the county level. The local jobs report for March released today shows unemployment rates decreased in 61 counties, increased in 12, and remained unchanged from February in 27. These employment estimates are not seasonally adjusted and are subject to large, seasonal patterns.

    According to the release, "When compared to the same month last year, not seasonally adjusted unemployment rates increased in 49 counties, decreased in 30, and remained unchanged in 21. Eleven of the state's metro areas experienced rate increases over the year and four remained unchanged."


    Comparing today's unemployment data to the pre-pandemic figures of three years ago shows a positive pattern. The data show lower unemployment rates today. More counties have rates at or below 5.0% unemployment.


    These data see rapid and somewhat arbitrary changes each month. We have been tracking the local and state jobs report data for many months and have made sense of the data by looking beneath the surface.

    The state's unemployment rate is relatively low, matching the national average of 3.5%, and is down slightly from February's 3.6%. But the unemployment rate is a lagging indicator of economic conditions. Moreover, to be counted as "unemployed" one must be looking for work. Otherwise, you are not considered as part of the "labor force," and as such not counted among the unemployed. The unemployment rate is the percentage of people in the labor force who are unemployed.

    During the coronavirus pandemic, people flocked to prosperous, low-tax climates like North Carolina. Nearly 366,000 individuals moved to North Carolina in 2021 alone. Though some were retirees, many were able-bodied, working-age adults.

    Even so, the labor force is not reflecting this surge. Six of the state's fifteen metro areas have seen their labor force shrink from pre-pandemic levels. The state has 24 micropolitan areas, including Elizabeth City and Boone for example. Only 12 have a larger labor force today than in February 2020.

    Statewide, the labor force has increased in number slightly, but the labor force participation rate is still below what it was just before Covid lockdowns. Using statewide data from March, if the labor force participation rate were at pre-pandemic levels, our state would have 68,603 more people in the labor force.

    This means that as people stop looking for work, they drop out of the labor force, and they are no longer counted in the unemployment rate, making the economic data look better than it is.

    This trend is not unique to North Carolina, but it is important as a strong labor force is crucial to any economic recovery. And people's attachment to the job market is important for more than a paycheck. Jobs also bring stability and well-being. As the nation experiences recession warning signs, labor force participation will be important to watch.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Highlights from the History of North Carolina’s Opportunity Scholarship Program Statewide, John Locke Foundation Guest Editorial, Editorials, Government, Op-Ed & Politics, State and Federal far left politician says Macron could be beheaded like Louis XVI


HbAD0

Latest State and Federal

A Chinese national was detained by Immigration and Customs Enforcement after the bust of a massive marijuana operation in rural south Georgia last week.
Felon voting advocates argue in a new court filing that North Carolina's new election law should have no impact on their federal lawsuit.
The game show “Jeopardy!,” in which gives contestants must give answers in the form of a question, embraced the woke agenda by including so-called “neo-pronouns” as an answer.
On Thursday, Nov. 2, a group of protesters blocked the Durham Freeway (NC-147), the main artery through Durham and a major connector for the Research Triangle area, during rush hour.
The Tennessee state House passed a bill on Monday that would prohibit the flying of any flag other than the American flag and a few other official flags in public school classrooms, legislation that was sparked by the prevalence of pride flags in recent years.

HbAD1

US District Judge William Osteen heard nearly three hours of arguments Thursday in state Supreme Court Justice Anita Earls' lawsuit against the North Carolina Judicial Standards Commission.
House Speaker Mike Johnson (R-LA) emerged from a White House meeting with President Joe Biden and other congressional leaders on Tuesday, saying he stood firm on his view that immediate action to secure the southern border is the nation’s top priority.
House Republicans are demanding that Homeland Security Secretary Alejandro Mayorkas provide information on the illegal immigrant charged with murdering Georgia nursing student Laken Riley.
President Joe Biden took a few questions during a brief ice cream break with NBC late-night host and comedian Seth Meyers, telling reporters he hoped the United States could help facilitate a ceasefire in Gaza by Monday.
Tensions flared between members of the North Carolina State Board of Education on Thursday over the approval of a new charter school.

HbAD2

Mercedes-Benz is scrapping its plans to only sell electric vehicles after 2030 as consumer demand for EVs remains lower than what automakers projected.

HbAD3

 
Back to Top