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The estimated loss of 7,000 jobs in April may sound concerning to many. This surely
isn’t good news, but a few items suggest this may be statistical noise and the state
of NC’s economy is still ok. 1. The number of people with jobs in NC rose for the
month. 2. Few recessionary signs exist at the national level. 3. Recent trends are
still positive. 4. Most other economic statistics (e.g. UI claims, retail sales, and job
postings) are still positive. Follow the jobs numbers for May and June, with attention
to April’s revisions, to get a better picture about NC’s job growth.
0.0
1.0
2.0
3.0
2013 2014 2015 2016 2017
6-Month Projected Growth
North Carolina = 4.7%
United States = 4.4%
2.0%
4.0%
6.0%
8.0%
10.0%
2013 2014 2015 2016 2017
Rate
NC US
May 2017
NC Department of Commerce | Labor & Economic Analysis Division | 919.707.1500 | lead@nccommerce.com
Monthly Dashboard*
Philadelphia Federal Reserve Leading Indicators for North Carolina
Unemployment Rate Comparison
4.7%
NC
4.6 percentage
points from 9.3%
in April 2012
NC
US
*All data produced in this publication are based off April 2017 figures, are generated by LEAD, and have been seasonally adjusted and/or
smoothed unless otherwise stated. Dollar amounts have been adjusted for inflation using the Consumer Price Index.
NC
Source: Federal Reserve Bank of Philadelphia Note: February 2017 data most current available.
Data
Unemployment Rate Change
Change in Employed
Change in Unemployed
Labor Force
Participation Rate
4.4%
US
Manufacturing Hours Worked
Unemployment Rate Trend
This leading index
predicts the six-month
growth rate of the
state’s economy (as
measured by the
Phili Fed’s current
indicator index). A
positive number
reflects economic
growth, while a
negative projects a
decline.
3.8 percentage
points from 8.2%
in April 2012
Virginia
Tennessee
Georgia
South Carolina
North Carolina
Alabama
West Virginia
8,930 (3.7%) 146,000 (2.0%)
0.2 0.1
3,721 (0.1%) 156,000 (2.4%)
0.2 to 62.0% 0.1 to 62.9%
1.0% over the month
1.2% over the year
Note: Not Seasonally Adjusted
Industry Employment
4,380,500 Total Nonfarm Jobs
7,000 over the month
53,300 over the year
Source: NC Dept. of Revenue
Note: March 2017 data most current
available at time of release.
Real Taxable Retail Sales
$53.9M over the month
$663.6M over the year
Source: United States Census Bureau
Note: Includes multiple-unit housing.
Residential Building Permits
1.1% over the month
6.8% over the year
Source: The Conference Board; BLS; LEAD
Note: March 2017 data most current
available at time of release.
Job Postings
3.1% over the month
5.0% over the year
4.7
4.8
3.8
4.7
5.4
4.3
5.0
WV
VT
NH
RI
NJ
DE
MD
DC
AK
HI
CT
MA
TX
CA
MT
AZ
ID
NV
NM
CO
OR
KS
UT IL
WY
NE
SD
MN
IA
OK
ND
FL
MO
WI
GA
WA
AL
AR
MI
IN
NC
PA
LA
NY
MS
TN
VA
KY
OH
SC
ME 2.3 3.2 3.9 4.6 5.4 6.7
Initial UI Claims
13,961 Individuals Filing
431 over the month
2,853 over the year
Source: US Dept. of Labor, ETA
0
1,000
2,000
3,000
4,000
5,000
6,000
2013 2014 2015 2016 2017
$4,000
$6,000
$8,000
$10,000
$12,000
2013 2014 2015 2016 2017
In Millions
0
20
40
60
80
2013 2014 2015 2016 2017
In Thousands
58%
59%
60%
61%
62%
63%
64%
2013 2014 2015 2016 2017
$600
$650
$700
$750
$800
$850
2013 2014 2015 2016 2017
3,800
3,900
4,000
4,100
4,200
4,300
4,400
2013 2014 2015 2016 2017
In Thousands NC Department of Commerce | Labor & Economic Analysis Division | 919.707.1500 | lead@nccommerce.com
Source: NC Dept. of Revenue
Note: March 2017 data most current available at time of release.
Source: United States Census Bureau
Note: Includes multiple-unit housing.
Unemployment Rate By County (Not Seasonally Adjusted)
Lowest
Highest
Buncombe 3.2%
Alexander 3.4%
Henderson 3.5%
Orange 3.5%
Chatham 3.6%
Total Nonfarm Jobs Average Real Weekly Earnings (Private Nonfarm Sector)
Labor Force Participation Rate
Residential Building Permits
Initial Unemployment Insurance Claims
Real Taxable Retail Sales
Hyde 8.8%
Tyrrell 8.1%
Edgecombe 7.9%
Scotland 7.5%
3.2 4.1 4.8 5.6 6.7 8.8 Wilson 7.5%
*All data produced in this publication are based off April 2017 figures, are generated by LEAD, and have been seasonally adjusted and/or smoothed unless otherwise stated.
Dollar amounts have been adjusted for inflation using the Consumer Price Index.
Source: US Dept. of Labor, ETA
Object Description
Description
| Title | North Carolina today |
| Other Title | North Carolina today (North Carolina. Labor Market Information Division); NC today |
| Date | 2017-05 |
| Description | May 2017 |
| Digital Characteristics-A | 1.98 MB; 2 p. |
| Digital Format | application/pdf |
| Pres File Name-M | pubs_serial_nctoday201705 |
| Full Text | The estimated loss of 7,000 jobs in April may sound concerning to many. This surely isn’t good news, but a few items suggest this may be statistical noise and the state of NC’s economy is still ok. 1. The number of people with jobs in NC rose for the month. 2. Few recessionary signs exist at the national level. 3. Recent trends are still positive. 4. Most other economic statistics (e.g. UI claims, retail sales, and job postings) are still positive. Follow the jobs numbers for May and June, with attention to April’s revisions, to get a better picture about NC’s job growth. 0.0 1.0 2.0 3.0 2013 2014 2015 2016 2017 6-Month Projected Growth North Carolina = 4.7% United States = 4.4% 2.0% 4.0% 6.0% 8.0% 10.0% 2013 2014 2015 2016 2017 Rate NC US May 2017 NC Department of Commerce | Labor & Economic Analysis Division | 919.707.1500 | lead@nccommerce.com Monthly Dashboard* Philadelphia Federal Reserve Leading Indicators for North Carolina Unemployment Rate Comparison 4.7% NC 4.6 percentage points from 9.3% in April 2012 NC US *All data produced in this publication are based off April 2017 figures, are generated by LEAD, and have been seasonally adjusted and/or smoothed unless otherwise stated. Dollar amounts have been adjusted for inflation using the Consumer Price Index. NC Source: Federal Reserve Bank of Philadelphia Note: February 2017 data most current available. Data Unemployment Rate Change Change in Employed Change in Unemployed Labor Force Participation Rate 4.4% US Manufacturing Hours Worked Unemployment Rate Trend This leading index predicts the six-month growth rate of the state’s economy (as measured by the Phili Fed’s current indicator index). A positive number reflects economic growth, while a negative projects a decline. 3.8 percentage points from 8.2% in April 2012 Virginia Tennessee Georgia South Carolina North Carolina Alabama West Virginia 8,930 (3.7%) 146,000 (2.0%) 0.2 0.1 3,721 (0.1%) 156,000 (2.4%) 0.2 to 62.0% 0.1 to 62.9% 1.0% over the month 1.2% over the year Note: Not Seasonally Adjusted Industry Employment 4,380,500 Total Nonfarm Jobs 7,000 over the month 53,300 over the year Source: NC Dept. of Revenue Note: March 2017 data most current available at time of release. Real Taxable Retail Sales $53.9M over the month $663.6M over the year Source: United States Census Bureau Note: Includes multiple-unit housing. Residential Building Permits 1.1% over the month 6.8% over the year Source: The Conference Board; BLS; LEAD Note: March 2017 data most current available at time of release. Job Postings 3.1% over the month 5.0% over the year 4.7 4.8 3.8 4.7 5.4 4.3 5.0 WV VT NH RI NJ DE MD DC AK HI CT MA TX CA MT AZ ID NV NM CO OR KS UT IL WY NE SD MN IA OK ND FL MO WI GA WA AL AR MI IN NC PA LA NY MS TN VA KY OH SC ME 2.3 3.2 3.9 4.6 5.4 6.7 Initial UI Claims 13,961 Individuals Filing 431 over the month 2,853 over the year Source: US Dept. of Labor, ETA 0 1,000 2,000 3,000 4,000 5,000 6,000 2013 2014 2015 2016 2017 $4,000 $6,000 $8,000 $10,000 $12,000 2013 2014 2015 2016 2017 In Millions 0 20 40 60 80 2013 2014 2015 2016 2017 In Thousands 58% 59% 60% 61% 62% 63% 64% 2013 2014 2015 2016 2017 $600 $650 $700 $750 $800 $850 2013 2014 2015 2016 2017 3,800 3,900 4,000 4,100 4,200 4,300 4,400 2013 2014 2015 2016 2017 In Thousands NC Department of Commerce | Labor & Economic Analysis Division | 919.707.1500 | lead@nccommerce.com Source: NC Dept. of Revenue Note: March 2017 data most current available at time of release. Source: United States Census Bureau Note: Includes multiple-unit housing. Unemployment Rate By County (Not Seasonally Adjusted) Lowest Highest Buncombe 3.2% Alexander 3.4% Henderson 3.5% Orange 3.5% Chatham 3.6% Total Nonfarm Jobs Average Real Weekly Earnings (Private Nonfarm Sector) Labor Force Participation Rate Residential Building Permits Initial Unemployment Insurance Claims Real Taxable Retail Sales Hyde 8.8% Tyrrell 8.1% Edgecombe 7.9% Scotland 7.5% 3.2 4.1 4.8 5.6 6.7 8.8 Wilson 7.5% *All data produced in this publication are based off April 2017 figures, are generated by LEAD, and have been seasonally adjusted and/or smoothed unless otherwise stated. Dollar amounts have been adjusted for inflation using the Consumer Price Index. Source: US Dept. of Labor, ETA |
| OCLC number | 16694113 |
