In this edition of NC Economy Watch, we examine the employment data revisions just released by the US Bureau of Labor Statistics. These revisions show job growth in North Carolina slowing more than we initially thought, driven in part by downward revisions in Professional and Business Services. However, large upward revisions to Construction employment offer some cause for optimism in the year to come.
Topics Related to Data Release
Our last edition of NC Economy Watch provided a general overview of recent layoff activity. In this edition, we take a closer look at layoffs in our state and nationwide. Layoffs have increased slightly across most sectors of the United States economy, most notably in the freight industry. While layoffs might be on the rise nationwide, they remain near a multi-decade low, and most people who lose work in North Carolina are quickly re-employed in our tight labor market.
The North Carolina Department of Commerce’s Labor & Economic Analysis Division (LEAD) is happy to note that the May 2022 Occupational Employment and Wage Statistics data is available across multiple platforms such as our Demand Driven Data Delivery System (D4), the Occupational Wage Lookup Tool, NCWorks.gov, and the BLS Website.
In this edition of NC Economy Watch, we examine the employment data revisions just released by the US Bureau of Labor Statistics. These revisions change what we thought we knew about conditions in certain sectors of the economy. Overall, however, the revised data continue to demonstrate that, although our economy is slowing, it’s still growing.
In December, not seasonally adjusted unemployment rates decreased in 96 of North Carolina's 100 counties.
North Carolina's seasonally adjusted unemployment rate remained unchanged from November’s revised rate of 3.9 percent.
In November, not seasonally adjusted unemployment rates decreased in 92 of North Carolina's 100 counties.
North Carolina's seasonally adjusted unemployment rate increased from October’s revised rate of 3.8 percent.
In October, not seasonally adjusted unemployment rates increased in 99 of North Carolina's 100 counties.
North Carolina's seasonally adjusted unemployment rate increased from September’s revised rate of 3.6 percent.