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Wednesday, June 19, 2024

Labor market remains hot as unemployment rate unchanged

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%.

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.

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