Jobs Deficit Narrows Slightly but Still Above 500,000
Cross-posted on Prosperity Watch
The good news from yesterday’s labor-market data release from the NC Division of Employment Security is that the state’s unemployment rate dropped dramatically from 10.4 percent in October to 10.0 percent in November.
The bad news? North Carolina still faces a jobs deficit of more than 500,000 jobs to get back to pre-recession employment levels (see chart below).
North Carolina’s jobs deficit includes the number of jobs lost since the start of the recession (295,000 jobs) plus the number of jobs needed to keep pace with the state’s population growth (214,500 jobs).
Although the monthly household survey indicated a month-over-month employment increase of nearly 13,000, the survey of business establishments showed a much smaller increase of only 3,800 jobs. In either case, the state’s economy is falling short of creating the number of jobs necessary for the state to reach pre-recession employment levels within three years (16,000 new jobs per month).
Over the past year, North Carolina’s economy has added fewer than 20,000 new jobs.