Source: North Carolina Department of Commerce

Raleigh, N.C. – The state’s seasonally adjustedSeasonal adjustment is a statistical technique that attempts to measure and remove the influences of predictable seasonal patterns to reveal how employment and unemployment change from month to month.

Over the course of a year, the size of the labor force, the levels of employment and unemployment, and other measures of labor market activity undergo fluctuations due to seasonal events including changes in weather, harvests, major holidays, and school schedules. Because these seasonal events follow a more or less regular pattern each year, their influence on statistical trends can be eliminated by seasonally adjusting the statistics from month to month.

These seasonal adjustments make it easier to observe the cyclical, underlying trend, and other nonseasonal movements in the series.

Source: U.S. Bureau of Labor Statistics March 2024 unemployment rate was 3.5 percent, unchanged from February’s revised rate. The national rate decreased 0.1 of a percentage point to 3.8 percent.

North Carolina’s unemployment rate increased 0.2 of a percentage point from a year ago. The number of people employed increased 3,280 over the month to 5,074,635 and increased 39,323 over the year. The number of people unemployed increased 1,098 over the month to 185,549 and increased 11,489 over the year.                                                                                 

Seasonally adjusted Total Nonfarm employment, as gathered through the monthly establishment survey, increased 500 to 4,978,000 in March. Major industries experiencing increases were Leisure & Hospitality Services, 1,900; Construction, 1,800; Education & Health Services, 1,800; Financial Activities, 600; Information, 500; and Mining & Logging, 100. Major industries experiencing decreases were Trade, Transportation & Utilities, 2,100; Professional & Business Services, 1,800; Government, 1,200; Other Services, 700; and Manufacturing, 400.

Since March 2023, Total Nonfarm jobs increased 57,300 with the Total Private sector increasing by 43,600 and Government increasing by 13,700. Major industries experiencing increases were Education & Health Services, 23,300; Government, 13,700; Leisure & Hospitality Services, 10,700; Construction, 9,000; Financial Activities, 7,300; Other Services, 4,200; and Mining & Logging, 200. Major industries experiencing decreases were Manufacturing, 5,300; Information, 2,700; Trade, Transportation & Utilities, 2,500; and Professional & Business Services, 600.