May 2—IMPORTANT POINT — The city’s latest unemployment rate report shows the local job market continues to provide opportunities for employers to connect with workers.
The unemployment rate was 4.7% in March, unchanged from February, the U.S. Bureau of Labor Statistics reported Wednesday. The rate is up from the 4.1% level in March last year, but lower than the 6.9% level in March 2021, when the region’s economy continued to be buffeted by the coronavirus pandemic.
The 4.7% rate in March is below 5%, reflecting a strong local job market, said Michael McCulley, an associate professor of economics at High Point University.
“And this report was written before the spring market. The underlying labor market remains strong,” he said.
Hiring in local employment areas was mixed in March, McCulley told The High Point Enterprise. Construction, retail and transportation added jobs while temporary employment fell and slight declines occurred in leisure and hospitality, manufacturing and finance.
Unemployment rates decreased in 44 of North Carolina’s 100 counties between February and March, increased in 22 and remained unchanged in 34, the North Carolina Department of Commerce reported Wednesday. Six of the state’s 15 metro areas saw rate increases, four decreased and five were unchanged.
Compared to March of last year, unemployment rates increased in 72 counties, decreased in 11 and remained unchanged in 17. Fourteen metro areas saw rate increases during the year and one decreased .
However, in a sign of a still strong local job market, 90 of the state’s 100 counties recorded unemployment rates at or below 5 percent in February and March, traditionally an indicator of a robust local job market. No county recorded an unemployment rate at or above 10% in February or March, a historic sign of a weak local job market.
The number of employed workers statewide increased in March by 45,082 to 5.09 million, while the number of unemployed increased by 1,588 to 195,758. As of March 2023, the number of employed workers in statewide increased by 46,893 while the number of unemployed increased by 15,025, the state Department of Commerce reports.
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