City jobless rate remains stable

Paul B. Johnson, The High Point Enterprise, N.C.
2 min read
0

May 2—HIGH POINT — The latest report on the city's unemployment rate shows that the local job market continues to offer opportunities for employers to link up with workers.

The jobless rate was 4.7% in March, unchanged from February, the U.S. Bureau of Labor Statistics reported Wednesday. The rate is up from 4.1% in March of last year but lower than the 6.9% level in March 2021 when the area economy continued to be buffeted by the coronavirus pandemic.

The 4.7% rate this March is below 5%, so it's within the range of reflecting a strong local job market, said Michael McCulley, associate professor of economics at High Point University.

"And this report was written before the spring Market. The underlying job market remains strong," he said.

Hiring in local job sectors was mixed during March, McCulley told The High Point Enterprise. The construction, retail and transportation fields added jobs while temporary jobs dropped and small decreases occurred in leisure and hospitality, manufacturing and finance.

Unemployment rates decreased in 44 of North Carolina's 100 counties from February to March, increased in 22 and remained unchanged in 34, the N.C. Department of Commerce reported Wednesday. Six of the state's 15 metropolitan areas recorded rate increases, four decreased and five remained unchanged.

When compared to March last year, unemployment rates increased in 72 counties, decreased in 11 and remained unchanged in 17. Fourteen metropolitan areas posted rate increases over the year and one decreased.

However, in a sign of a still-strong local job market, 90 of the state's 100 counties recorded jobless rates in February and March at or below 5%, traditionally an indicator of a robust local job market. No counties in February or March recorded unemployment rates at or above 10%, historically the sign of a weak local job market.

The number of workers employed statewide increased in March by 45,082 to 5.09 million while the number unemployed increased by 1,588 to 195,758. Since March 2023, the number of workers employed statewide increased by 46,893 while the number unemployed increased by 15,025, the state Commerce Department reports.

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

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