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STAG
<br />NORTH CAROLINA
<br />Department of Commerce r
<br />NORTH CAROLINA ECONOMIC OVERVIEW: MAY 2012
<br />North Carolina's unemployment rate decreased
<br />again this month due to workers leaving the labor
<br />force. Total nonfarm employment fell for the
<br />second consecutive month. Housing
<br />authorizations, existing home sales, and
<br />foreclosures were up this month compared to the
<br />same month last year. Hotel occupancy, which
<br />reflects tourism activity in the State, increased in
<br />April compared to April of last year by 1.5 percent;
<br />the U.S. experienced a 1.4 percent over the same
<br />period and the south Atlantic states grew 0.6
<br />pe rce nt.
<br />National employment data for April reported a
<br />drop in labor force, with the number of employed and unemployed workers declining compared to March.
<br />The declines in labor force decreased the unemployment rate from 8.2 percent in March to 8.1 percent in
<br />April. U.S. Real GDP grew 1.9 percent according to the "second" estimate for the 15t quarter of 2012,
<br />compared to the 4 th quarter of 2011.
<br />Employment levels increase for the 9th consecutive month
<br />The number of employed workers in North I NorthCaroIinaEmpIoyedWorkersfromJanuary to June (in Thousands)
<br />Carolina in April was higher than March levels
<br />INDICATORS KEY
<br />according to the latest data. The increase in
<br />N.C. Unemployment Rate decreased
<br />0.3%
<br />It
<br />9.4% in April from 9.7% in March
<br />of growth for the State. Month -to -month
<br />Consumer Confidence Index decreased
<br />Last Year -Same Month
<br />3.8 pts.
<br />■ 20C
<br />From 68.7 in April to 64.9 in May
<br />4,200
<br />NC Hotel Occupancy increased
<br />(4/12 comparedto4 /11)
<br />1.5
<br />to -year comparisons are also useful for
<br />From April 2011 to April 2012
<br />Employment levels increase for the 9th consecutive month
<br />The number of employed workers in North I NorthCaroIinaEmpIoyedWorkersfromJanuary to June (in Thousands)
<br />Carolina in April was higher than March levels
<br />January 2008 to Present
<br />according to the latest data. The increase in
<br />4,400
<br />employment is the ninth consecutive month
<br />4,350
<br />4,300
<br />of growth for the State. Month -to -month
<br />4,250
<br />Last Year -Same Month
<br />Startof Recession
<br />■ 20C
<br />employment growth is important, but year-
<br />4,200
<br />(4/12 compared to 3/12)
<br />(4/12 comparedto4 /11)
<br />r 20C
<br />to -year comparisons are also useful for
<br />4,150
<br />(preliminary)
<br />Change %Change
<br />0201
<br />Change % Change
<br />4,100
<br />4,680,336
<br />4,669,121
<br />(11,215)
<br />determining economic health. Looking
<br />4,050
<br />0.5%
<br />133,664
<br />0201
<br />specifically at the first 6 months of the year,
<br />4,000
<br />4,229,753
<br />1,471
<br />■ 201
<br />North Carolina's employment remains below
<br />3,950
<br />(76,984)
<br />-1.8%
<br />Unemployed
<br />pre - recessionary levels. Since 2010, however,
<br />3,900
<br />(12,686)
<br />-2.8%
<br />(42,487)
<br />-8.8%
<br />3,850
<br />92.1%
<br />the State has made gains every month
<br />uy ry arV ch 6N ay e
<br />Pp M )ur
<br />compared to the same month in the previous
<br />far` Fe beu Mar
<br />N. C Deportment of Com m erce, Division of Employm ent Security, Labor Force Statistics
<br />year. The employment gains this month did
<br />not match the drop in unemployment, however,
<br />resulting in an 11 thousand worker decline in the labor force.
<br />Labor force declines indicate workers are not finding
<br />jobs and ending job searches. The size of the labor force
<br />will be an indicator to watch as the State continues to recover from the recession.
<br />N.C. Department of Commerce, Division of Employment Security, Labor Force Statistics
<br />Labor and Economic Analysis Division; May Mj(j )r &tuber 1
<br />1 -1 Page 364
<br />Adjusted Labor
<br />Previous Month
<br />Last Year -Same Month
<br />Startof Recession
<br />Mar -12
<br />Apr -12
<br />(4/12 compared to 3/12)
<br />(4/12 comparedto4 /11)
<br />(4/ 12 co m p a re d to 12/07)
<br />(revised)
<br />(preliminary)
<br />Change %Change
<br />Change I %Change
<br />Change % Change
<br />Labor Force
<br />4,680,336
<br />4,669,121
<br />(11,215)
<br />-0.2%
<br />21,026
<br />0.5%
<br />133,664
<br />2.9%
<br />Employed
<br />4,228,282
<br />4,229,753
<br />1,471
<br />0.0%
<br />63,513
<br />1.5%
<br />(76,984)
<br />-1.8%
<br />Unemployed
<br />452,054
<br />439,368
<br />(12,686)
<br />-2.8%
<br />(42,487)
<br />-8.8%
<br />210,648
<br />92.1%
<br />N.C. Department of Commerce, Division of Employment Security, Labor Force Statistics
<br />Labor and Economic Analysis Division; May Mj(j )r &tuber 1
<br />1 -1 Page 364
<br />
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