State's May employment figures released

In May 2024, the seasonally adjusted state unemployment rate slightly increased to 3.6%, with a rise of 0.1 percentage points when compared to the revised rate in April. During the same period, the national unemployment rate, likewise, increased by 0.1 percentage point to 4.0%. Compared to May 2023, North Carolina’s unemployment rate, however, saw a larger leap of 0.3 percentage point.

The total number of North Carolinians employed increased considerably in May, with 3,965 more individuals being part of the labor force, reaching 5,079,871. Alongside this increase in employment figures, the number of unemployed people similarly went up, reaching 187,503 in May. Despite that, the unemployment figure overall showed a decline when annual data was considered, decreasing by around 14,437 citizens.

In terms of industry gains, Leisure & Hospitality Services dominated the scene, reporting a surge in growth with 6,800 extra jobs in May. Professional & Business Services and Education & Health Services were tied in second place with a remarkable 6,800 increment each. Other Services took third place with a gain of 1,700 jobs, while sectors such as Government, Information, and Mining & Logging also showed notable yet less significant increases.

By contrast, the Manufacturing and Trading, Transportation, and Utilities industries saw decreases respectively of 2,000, 1,500, 700, and 500 additional workers in May 2024. Financial Activities and the Construction sector also reported fewer new staff, with declines of 700 and 500, compared to the previous month.

North Carolina’s job gains extended beyond May 2024, with the total jobs in the state increasing by as much as 72,400 compared to the same time of May 2023. Education & Health Services and Leisure & Hospitality services both accounted for around twenty thousand of those job wins. Government jobs rose steeply by 14,500, followed by Professional & Business Services by 10,600. Job losses were seen in sectors, however, including Manufacturing, which decreased by 7,400 positions annually.

The next update providing the county unemployment rates for May 2024 is scheduled for July 3, 2024.

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