North Carolina Unemployment Rate Holds Steady at 3.3% in July 2023

Why It Matters:

The steady unemployment rate in North Carolina indicates a stable job market, while the decrease in the national rate reflects overall economic progress. This news provides insights into the state's labor market health and its alignment with national trends.

The Details:

• North Carolina's unemployment rate decreased by 0.4% compared to the previous year.

• The number of employed individuals increased by 12,229 over the month and by 81,640 over the year.

• The number of unemployed individuals decreased by 1,159 over the month and by 22,097 over the year.

• Major industries experiencing job growth in July were Leisure & Hospitality Services, Government, Education & Health Services, Financial Activities, Manufacturing, and Other Services.

• Industries that saw a decline in employment included Information, Professional & Business Services, Trade, Transportation & Utilities, Construction, and Mining & Logging.

Seasonally Adjusted Unemployment Rates since July 2022:

• N.C.: July 2022 - 3.7%, July 2023 - 3.3%

• U.S.: July 2022 - 3.5%, July 2023 - 3.5%

Please note: The 2022 numbers have been revised.

Since July 2022, Total Nonfarm jobs in North Carolina increased by 108,000. The Total Private sector saw an increase of 100,900 jobs, while Government jobs increased by 7,100.

Major industries experiencing job growth since July 2022 were Leisure & Hospitality Services, Education & Health Services, Professional & Business Services, Government, Trade, Transportation & Utilities, Other Services, Financial Activities, Manufacturing, Construction, Information, and Mining & Logging.

Conclusion:

North Carolina's unemployment rate remains stable at 3.3% in July 2023, reflecting a steady job market. The state has experienced positive job growth in various industries, contributing to overall economic progress. The upcoming release of county unemployment rates in August will provide further insights into the local labor market.