NC July unemployment rate rises to 8.9 percent, Labor Force Participation Rate plummets 1.4 percent since Jan 2013, NC tied for third worst unemployment rate
“North Carolina’s unemployment rate fell for the fourth consecutive month in May to 8.8 percent, but the slight drop was largely due to a shrinking labor force rather than the creation of new jobs, economists said.”…Raleigh News Observer June 21, 2013
“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
From the Raleigh News Observer August 19, 2013.
“NC jobless rate rises in July to 8.9 percent”
“The unemployment rate in North Carolina inched higher in July, the first uptick in the closely watched economic indicator since January.
The state’s seasonally adjusted unemployment rate rose one-tenth of a percentage point to 8.9 percent last month, according to data released Monday by the state Department of Commerce’s Labor and Economic Analysis Division.
“It was a disappointing month,” said Mekael Teshome, a PNC Financial Services Group economist.
Although the jobless rate was seven-tenths of a percentage point lower than it was a year ago, North Carolina’s unemployment rate is tied with Rhode Island for the third-worst in the nation. Only Illinois, at 9.2 percent, and Nevada, where the unemployment rate is 9.5 percent, have higher unemployment rates.
The national unemployment rate for July was 7.4 percent, an improvement from June’s 7.6 percent.
“I think we have a story of two North Carolinas,” Teshome said. “We have some really strong areas in the state – the Triangle area, Charlotte – but then other parts of the state are struggling to get back on their feet from the Great Recession. Overall, the state’s recovery has been pretty modest.”
Teshome said that the decline in the labor force by 12,208 workers was particularly disconcerting. The labor force encompasses workers who have a job plus unemployed workers who are actively seeking a job.
“When people are dropping out of the labor force, it’s a sign that they are less confident about their job prospects,” he said. “So people are discouraged and leaving the labor force.”
The labor force in July sunk to its lowest level since February 2012, said Allan Freyer, public policy analyst for the nonprofit N.C. Justice Center’s Budget and Tax Center.
“That shows we are going in the wrong direction,” Freyer said.”
The Labor Force Participation Rate plummeted 1.4 percent From January to July 2013.
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