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 oter nonseasonal movements in the series.

Source: U.S. Bureau of Labor Statistics June 2024 unemployment rate was 3.6 percent, unchanged from May’s revised rate. The national rate increased 0.1 of a percentage point to 4.1 percent.

North Carolina’s unemployment rate increased 0.2 of a percentage point from a year ago. The number of people employed decreased 924 over the month to 5,079,026 and increased 18,096 over the year. The number of people unemployed increased 2,989 over the month to 190,408 and increased 14,764 over the year.
    
Seasonally adjusted Total Nonfarm employment, as gathered through the monthly establishment survey, increased 23,100 to 5,031,600 in June. Major industries experiencing increases were Government, 17,900; Education & Health Services, 5,500; Leisure & Hospitality Services, 3,200; Financial Activities, 1,100; Manufacturing, 800; Construction, 600; Trade, Transportation & Utilities, 400; Information, 200; and Other Services, 200. The only major industry experiencing a decrease was Professional & Business Services, 6,800. Mining & Logging employment remained unchanged.

Since June 2023, Total Nonfarm jobs increased 79,600 with the Total Private sector increasing by 51,100 and Government increasing by 28,500. Major industries experiencing increases were Government, 28,500; Education & Health Services, 23,100; Leisure & Hospitality Services, 22,000; Construction, 8,400; Financial Activities, 6,000; Other Services, 5,100; and Professional & Business Services, 400. Major industries experiencing decreases over the year were Manufacturing, 6,100; Trade, Transportation & Utilities, 5,500; and Information, 2,300. Mining & Logging employment remained unchanged over the year.

The next unemployment update is scheduled for Tuesday, July 30, 2024 when the county unemployment rates for June 2024 will be released.