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STAG NORTH CAROLINA Department of Commerce r NORTH CAROLINA ECONOMIC OVERVIEW: NOVEMBER 2011 North Carolina's unemployment rate decreased this month as holiday job seekers found employment. Nonfarm employment also saw a slight increase this month behind gains in the Government, Business, and Education & Health Services sectors. Existing home sales and authorizations were up this month compared to the same month last year. National employment data for October displayed an uptick in employment alongside a decrease in unemployed workers as the unemployment rate fell to 9.0 percent for the first time in 4 months. US Real GDP grew 2.0 percent according to the second estimate for the 3 rd quarter of 2011 a downgrade from the "advance" 3 rd quarter growth estimate of 2.5 percent. Employment increases as workers find seasonal employment The number of employed workers INDICATORS KEY in North Carolina this month was N.C. Unemployment rate decreased slightly higher than last month. The 0.1% It 10.4% in October from 10.5% in September Consumer Confidence Index increased combined with a larger drop in 15.1 pts From 40.9 in October to 56.0 in November 1 400,000 N.0 Existing Home Sales decreased of the labor force compared to 7.4% ■ 2008 From 6,800 in September to 6,298 in October from the "advance" 3 rd quarter growth estimate of 2.5 percent. Employment increases as workers find seasonal employment The number of employed workers North Carolina Unemployed Workers from July to December in North Carolina this month was Startof Recession to Present slightly higher than last month. The 600,000 small bump in employment . Labor Previous Month combined with a larger drop in 500,000 unemployment to decrease the size 1 400,000 ■ 2007 of the labor force compared to (10/11 compared to 12/07) ■ 2008 September. Whether the number of 300,000 ■ 2009 employed workers continues to Change %Change Labor Force increase will be an indicator of 200,000 ■ 2010 consumer confidence for this 100,000 ■ 2011 holiday season. If businesses see -1.2% Employed stronger sales they may add - 5,730 workers to meet demand. As the 10\y PUgu5tseptember O,tobec chart to the right shows, the N0 ,ie0 ,w De cevob er N.C. Departmentof Commerce, Divisionof Employment Security, Labor Force Statistics number of unemployed workers is still higher than it was in October 2010, but lower than the 2009 peak. The higher number of unemployed workers is a possible sign that workers are more optimistic about job opportunities than in years past. It also demonstrates that North Carolina is not close to pre- recession unemployment levels. N.C. Department of Commerce, Division of Employment Security, Labor Force Statistics Policy, Research & Strategic Planning; November Mz1cJi ii6ftnber 1 FA 1 -1 Page 412 . Labor Previous Month Last Year -Same Month Startof Recession Sep -11 Oct -11 (10/11 compa red to 9/11) (10 /11 compared to 10 /10) (10/11 compared to 12/07) (revised) (preliminary) Change %Change Change %Change Change %Change Labor Force 4,507,377 4,504,834 (2,543) -0.1% 37,909 0.8% (55,563) -1.2% Employed 4,032,536 4,038,266 5,730 0.1% 12,041 0.3% (295,892) -6.8% Unemployed 474,841 466,568 (8,273) -1.7% 25,868 5.9% 240,329 106.2% N.C. Department of Commerce, Division of Employment Security, Labor Force Statistics Policy, Research & Strategic Planning; November Mz1cJi ii6ftnber 1 FA 1 -1 Page 412