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 May 2024 unemployment rate was 3.6 percent, increasing 0.1 of a percentage point from April’s revised rate. The national rate increased 0.1 of a percentage point to 4.0 percent..

North Carolina’s unemployment rate increased 0.3 of a percentage point from a year ago. The number of people employed increased 3,965 over the month to 5,079,871 and increased 24,423 over the year. The number of people unemployed increased 803 over the month to 187,503 and increased 14,437 over the year.                                                                                 

Seasonally adjusted Total Nonfarm employment, as gathered through the monthly establishment survey, increased 14,400 to 5,006,800 in May. Major industries experiencing increases were Leisure & Hospitality Services, 6,800; Professional & Business Services, 6,800; Education & Health Services, 2,600; Other Services, 1,700; Government, 700; Information, 400; and Mining & Logging, 100. Major industries experiencing decreases were Manufacturing, 2,000; Trade, Transportation & Utilities, 1,500; Financial Activities, 700; and Construction, 500.

Since May 2023, Total Nonfarm jobs increased 72,400 with the Total Private sector increasing by 57,900 and Government increasing by 14,500. Major industries experiencing increases were Education & Health Services, 21,600; Leisure & Hospitality Services, 20,300; Government, 14,500; Professional & Business Services, 10,600; Construction, 8,300; Financial Activities, 5,700; Other Services, 5,500; and Mining & Logging, 100. Major industries experiencing decreases over the year were Manufacturing, 7,400; Trade, Transportation & Utilities, 3,900; and Information, 2,900.

The next unemployment update is scheduled for Wednesday, July 3, 2024 when the county unemployment rates for May 2024 will be released.