City job market stays solid

Paul B. Johnson, The High Point Enterprise, N.C.
·2 min read

Nov. 30—HIGH POINT — It's become a welcome local economic refrain each month.

As has been the case since the waning of the coronavirus pandemic, the latest city of High Point unemployment rate reflects a strong job market.

The local unemployment rate edged up from 3.7% in September to 3.8% in October, according to figures released Thursday by the U.S. Bureau for Labor Statistics. But the level remained down from 4.2% in October last year and 6.9% in October 2020 during the first year of the coronavirus pandemic.

The October rate also was in the range of a healthy job market.

"Big picture, the unemployment rate remains below 5% and the job market continues to be strong," said Mike McCully, associate professor of economics at High Point University. "And economists are forecasting a strong holiday season."

Most local business sectors reported an increase in hiring during October, though construction jobs declined amid the rise in interest rates, McCully told The High Point Enterprise.

Statewide, unemployment rates increased in 84 of North Carolina counties from September to October 2023, decreased in five and remained unchanged in 11, the N.C. Department of Commerce reported Thursday. Fourteen of the state's metropolitan areas recorded jobless rate increases while one remained unchanged.

When compared to October 2022, unemployment rates decreased in 95 counties, increased in two and remained unchanged in three. All 15 of the state's metropolitan areas posted an unemployment rate decrease over the year period.

In a continued encouraging sign, 96 counties posted unemployment rates in October at or below 5%, which historically is an indicator of a healthy job market. In September 97 counties were at or below 5%. No counties in the state recorded unemployment rates at or above 10%, which is a sign of a troubled local job market.

Unemployment rates in the vast majority of North Carolina counties have been at or below 5% since the waning of the coronavirus pandemic.

The number of workers employed statewide decreased in October by 21,004 to 5.11 million while the number unemployed increased by 6,799 to 176,984. Since October 2022, the number of workers employed statewide has increased by 122,003 while the number unemployed has decreased by 14,368, the Commerce Department reports.

pjohnson@hpenews.com — 336-888-3528 — @HPEpaul