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NORTH CAROLINA <br />Department of Commerce ` {_ <br />NORTH CAROLINA ECONOMIC OVERVIEW: FEBRUARY 2011 <br />This edition of the economic overview differs from the <br />standard format. Many data sources, such as county <br />employment data, are released later than usual and not <br />available at publication. In addition to providing the latest <br />data, this analysis provides a yearly summary for 2011. <br />Looking at North Carolina over the course of 2010, common <br />measures for employment are flat from January 2010 to <br />December 2010. The Nation followed a similar pattern with <br />employment remaining stable over the course of the year. <br />As 2011 progresses we will look for signs of recovery in <br />employment, especially in sectors strongly affected by the <br />recession, such as construction and manufacturing. This <br />analysis considers other measures of economic activity, <br />such as retail sales and exports. This provides a more <br />complete view of the condition of the state's economy. <br />Employment increased in early 2010, but dipped in the summer before recovering at the end of the year <br />The employment numbers were <br />promising in early 2010 as the labor <br />force grew. The loss of census jobs <br />going into the summer depressed <br />employment slightly, but employment <br />recovered over the fall and winter <br />holidays as businesses saw increased <br />demand for goods. For the year the <br />labor force shrank by around 84 <br />thousand workers and lost over 2,800 <br />jobs. Most of the job loss occurred <br />between May and October. The <br />economy gained over 24 thousand jobs <br />from January to April before losing <br />positions for the rest of the year. <br />North Carolina <br />Seasonally <br />NC Labor Levels <br />Jan. 2010 - Dec. 2010 <br />t Labor Force <br />t Employed <br />4700000 <br />— <br />4600000 <br />4500000 <br />4400000 <br />Start of Recession <br />Jan -10 <br />- -- — <br />— <br />Change % Change <br />Change % Change <br />Labor Force <br />— <br />— <br />4300000 <br />4200000 <br />- - - - -- <br />— <br />-2.2% <br />Employed <br />4,027,276 <br />- - - -- <br />(2,808) <br />4100000 <br />4000000 <br />(309,690) <br />-7.1% <br />Unemployed <br />519,216 <br />437,248 <br />3900000 <br />-15.8% <br />211,009 <br />93.3% <br />3800000 <br />3700000 <br />I o 0 0 <br />ti ti ti <br />> a 4 � <br />N. C. Employm ent Security Commission, <br />0 0 0 0 0 0 <br />ti ti ti ti ti ti <br />Q Q `Sow <br />Labor Force Statistics <br />0 0 0 <br />ti ti ti <br />C <br />North Carolina <br />Seasonally <br />Adjusted <br />Labo <br />Year Change <br />Start of Recession <br />Jan -10 <br />Dec -10 <br />Change % Change <br />Change % Change <br />Labor Force <br />4,546,492 <br />4,461,716 <br />(84,776) <br />-1.9% <br />(98,681) <br />-2.2% <br />Employed <br />4,027,276 <br />4,024,468 <br />(2,808) <br />-0.1% <br />(309,690) <br />-7.1% <br />Unemployed <br />519,216 <br />437,248 <br />(81,968) <br />-15.8% <br />211,009 <br />93.3% <br />N.C. Employment Security Commission, Labor Force Statistics <br />Policy, Research & Strategic Planning; February X1 8Htriber 1 <br />1 -1 Page 256 <br />