North Carolina’s unemployment rate declined in April to its lowest level since 1999

(The Center Square) — The unemployment rate in North Carolina continued to decline in April to the lowest level since 1999.

The seasonally adjusted unemployment rate for April was 3.4%, a decrease of 0.1% from the previous month and 0.2% better than the national rate of 3.6%.

The new rate marks a 1.7% decrease over the last year, with the number of unemployed going down 3,917 over the last month to 173,348, or a decrease of 79,156 over the last year, according to data released by the North Carolina Department of Commerce on Friday.

“The number of people employed increased 30,263 over the month to 4,883,507 and increased 203,995 over the year,” according to the department.

April’s 3.4% unemployment rate is the lowest it’s been since June 1999, when the jobless rate hit 3.3% and continued at 3.4% for months after, The Associated Press reports.

Seasonally adjusted total nonfarm employment increased in April by 11,300 to 4,729,100.

“Major industries experiencing increases were Professional & Business services, 5,500; Leisure & Hospitality Services, 4,200; Financial Activities, 2,800; Manufacturing, 2,200; Other Services, 1,300; Government, 900; Trade, Transportation & Utilities, 900; and Information, 300,” according to the Department of Commerce.

“Major industries experiencing decreases were Construction, 5,900; and Education & Health Services, 900. Mining & Logging employment remained unchanged.”

Total nonfarm jobs increased by 185,600 since April 2021, with 174,900 in the private sector and 10,700 in government.

Leisure and hospitality services posted the biggest gain over the last year at 52,400, followed by professional and business services with 50,600 jobs added. Trade, transportation and utilities added 18,400 jobs, education and health services grew by 14,200 jobs, and financial activities went up by the same amount, Commerce data shows.

Sectors with smaller gains since April 2021 include manufacturing with 13,100 jobs added, government with 10,700, other services with 6,700, and information at 5,700 more jobs.

Construction lost 200 jobs and mining and logging lost the same over the last year, data shows.

Page Terryberry, senior analyst for fiscal policy at the John Locke Foundation, put the latest jobs report into proper perspective, illustrating the disparity in unemployment across the state and the impact inflation is having on folks in the workforce.

“On average, state unemployment has improved, but some rural North Carolina counties sustain high unemployment rates,” Terryberry wrote. “Hyde and Scotland counties have the highest rates, 8.7% and 8.0%, respectively. The metro area of Wake County has 2.9% unemployment.”

While wages have increased, workers are actually worse off than a year ago due to raging inflation, and those at the bottom of the economic ladder are feeling the pain the most, she argued.

“Average private weekly wages increased 0.2% over the month, from $1,019.82 to $1,021.89. Over the past year, wages are up 6.8%. Unfortunately, inflation eats up these wage gains and more,” Terryberry wrote. “The latest data from the Bureau of Labor Statistics shows inflation continues to reach historic levels. At an annualized 8.3% rate, North Carolinians have been hit with a pay cut. We are paying more for everyday items like food and gasoline. Grocery prices rose at a 10.8% annualized rate, harming low- and middle-class households the most.”

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