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STAG
<br />NORTH CAROLINA
<br />Department of Commerce
<br />NORTH CAROLINA ECONOMIC OVERVIEW: AUGUST 2011
<br />North Carolina's unemployment increased again this
<br />month as more workers lost their jobs and
<br />unemployed workers stopped looking for positions.
<br />Nonfarm employment also declined this month,
<br />again mainly because of job losses in the
<br />Government sector. Overall, housing activity
<br />decreased compared to last month.
<br />National data show all variables that make up the
<br />U.S. labor force are shrinking. The unemployment
<br />rate decreased, but so did the number of people
<br />employed and the number of people unemployed
<br />but seeking a job. Real GDP grew 1.0 percent
<br />according to the "second" estimate for the second
<br />quarter of 2011, a downgrade from the previous estimate of 1.3 percent. The Consumer Confidence Index fell
<br />sharply in August to its lowest level since April of 2009. Finally, the Federal Reserve Bank of Philadelphia's
<br />coincident index, a measure of short term economic outlook and activity, declined slightly last month.
<br />Employment declined by 10 thousand workers, the largest month to month decline since July 2009.
<br />The number of employed
<br />workers in North Carolina NC Labor Levels
<br />declined for the second August 2010 - July 2011
<br />consecutive month this year.
<br />4,600,000
<br />July's 10 thousand worker
<br />4,500,000
<br />North Carolina Seasonally
<br />Adjuste Labo
<br />Previous Month
<br />decline is only slightly larger
<br />Start of Recession
<br />4,400,000
<br />Jun -11 Jul -11
<br />than June's drop of 9,700. The 4,300,000
<br />number of unemployed workers 4,200,000
<br />Labor Force
<br />„ Employed
<br />increased by 7,600 in July, 4,100,000 —
<br />�
<br />meaning approximately 2,500 4,000,000
<br />workers left the labor force 3,900,000
<br />00,000
<br />altogether this month. While 3, 3, 8 800,000
<br />employment is 0.3 percent o 0 0 0 o ti ti ti
<br />lower than it was last month, it's Q ��
<br />0.2 percent higher than it was in o
<br />July 2010. The number of N.C. Employment Security Commission, Lobor Force Stotistics
<br />unemployed workers is 1.7
<br />percent lower than it was in July 2010. The labor force is nearly unchanged compared to July of last year.
<br />N.C. Employment Security Commission, Labor Force Statistics
<br />Policy, Research & Strategic Planning; August M1crr ( Dptnber 1
<br />2
<br />1 -1 Page 448
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<br />PAL �� 4 �J
<br />North Carolina Seasonally
<br />Adjuste Labo
<br />Previous Month
<br />Last Year -Same Month
<br />Start of Recession
<br />Jun -11 Jul -11
<br />(7/11 compared to 6/11)
<br />(7/11 compared to 7/10)
<br />(7/11 compared to 12/07)
<br />(revised) (preliminary)
<br />Change I %Change
<br />Change I %Change
<br />Change %Change
<br />Labor Force
<br />4,503,162 4,500,623
<br />(2,539)
<br />-0.1%
<br />(570)
<br />0.0%
<br />(59,774)
<br />-1.3%
<br />Employed
<br />4,055,793 4,045,634
<br />(10,159)
<br />-0.3%
<br />7,511
<br />0.2%
<br />(288,524)
<br />-6.7%
<br />Unemployed
<br />447,369 454,989
<br />7,620
<br />1.7%
<br />(8,081)
<br />-1.7%
<br />228,750
<br />101.1%
<br />N.C. Employment Security Commission, Labor Force Statistics
<br />Policy, Research & Strategic Planning; August M1crr ( Dptnber 1
<br />2
<br />1 -1 Page 448
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<br />PAL �� 4 �J
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