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City jobless rate remains stable

May 2—HIGH POINT — The newest report on the town’s unemployment rate reveals that the native job market continues to supply alternatives for employers to hyperlink up with staff.

The jobless rate was 4.7% in March, unchanged from February, the U.S. Bureau of Labor Statistics reported Wednesday. The rate is up from 4.1% in March of final yr however decrease than the 6.9% degree in March 2021 when the world financial system continued to be buffeted by the coronavirus pandemic.

The 4.7% rate this March is beneath 5%, so it is throughout the vary of reflecting a powerful native job market, mentioned Michael McCulley, affiliate professor of economics at High Point University.

“And this report was written before the spring Market. The underlying job market remains strong,” he mentioned.

Hiring in native job sectors was combined throughout March, McCulley instructed The High Point Enterprise. The building, retail and transportation fields added jobs whereas short-term jobs dropped and small decreases occurred in leisure and hospitality, manufacturing and finance.

Unemployment charges decreased in 44 of North Carolina’s 100 counties from February to March, elevated in 22 and remained unchanged in 34, the N.C. Department of Commerce reported Wednesday. Six of the state’s 15 metropolitan areas recorded rate will increase, 4 decreased and 5 remained unchanged.

When in comparison with March final yr, unemployment charges elevated in 72 counties, decreased in 11 and remained unchanged in 17. Fourteen metropolitan areas posted rate will increase over the yr and one decreased.

However, in an indication of a still-strong native job market, 90 of the state’s 100 counties recorded jobless charges in February and March at or beneath 5%, historically an indicator of a strong native job market. No counties in February or March recorded unemployment charges at or above 10%, traditionally the signal of a weak native job market.

The variety of staff employed statewide elevated in March by 45,082 to five.09 million whereas the quantity unemployed elevated by 1,588 to 195,758. Since March 2023, the variety of staff employed statewide elevated by 46,893 whereas the quantity unemployed elevated by 15,025, the state Commerce Department stories.

[email protected] — 336-888-3528 — @HPEpaul

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