New from our colleagues at the Budget and Tax Center:
Much of North Carolina has still not recovered from the Great Recession, according to the latest employment data for May.
Roughly two-thirds of North Carolina’s counties have fewer people working today than before the recession, and almost a quarter of the counties in North Carolina saw employment decline since May of 2014, a distressing sign given that it comes amidst generally strong national growth.
“The picture in many small towns and rural communities is not good,” said Patrick McHugh, Economic Analyst for the Budget & Tax Center, a project of the NC Justice Center. “Even in some cities that are largely seen as doing better, wages have not kept up with inflation over the last seven years.”
Notable data from the labor market release include:
- 88 of North Carolina’s 100 counties have more people looking for work today than before the Great Recession.
- 64 of North Carolina’s 100 counties have not gotten back to pre-recession levels of employment.
- 14 of North Carolina’s 15 metropolitan areas still have more people looking for work than before the recession.
- Adjusting for inflation, only metropolitan areas (Charlotte, Durham-Chapel Hill, Greenville, New Bern, and Wilmington) have seen better than 4 percent growth in wages over the last year.
- Wages have not kept up with inflation in eight of North Carolina’s 15 metropolitan areas.
“The current period of economic growth is not creating enough jobs in many communities and most workers are not seeing their paychecks grow,” McHugh said. “We’re doing better than a few years ago, but this economy still isn’t working for a lot of working North Carolina.”
The Budget and Tax Center provides summaries of each county’s current labor market data, and how each county has fared since the start of the recession.