Source: North Carolina Department of Commerce

Raleigh, NC: 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 January 2024 unemployment rate was 3.5 percent, decreasing 0.1 of a percentage point from December’s revised rate. The national rate remained unchanged at 3.7 percent.

North Carolina’s unemployment rate was unchanged from a year ago. The number of people employed increased 6,721 over the month to 5,068,208 and increased 64,125 over the year. The number of people unemployed decreased 1,640 over the month to 185,760 and increased 2,495 over the year.

Seasonally adjusted Total Nonfarm employment, as gathered through the monthly establishment survey, increased 11,600 to 4,977,200 in January. Major industries experiencing increases were Professional & Business Services, 5,900; Construction, 4,000; Education & Health Services, 1,900; Other Services, 900; Financial Activities, 600; Manufacturing, 400; Government, 300; and Mining & Logging, 100. Major industries experiencing decreases were Trade, Transportation & Utilities, 2,300; and Information, 200. Leisure & Hospitality Services employment remained unchanged.

Since January 2023, Total Nonfarm jobs increased 75,200 with the Total Private sector increasing by 56,500 and Government increasing by 18,700. Major industries experiencing increases were Education & Health Services, 24,600; Government, 18,700; Leisure & Hospitality Services, 17,700; Construction, 8,800; Financial Activities, 7,500; Professional & Business Services, 3,300; Other Services, 2,500; Trade, Transportation & Utilities, 600; and Mining & Logging, 200. Major industries experiencing decreases were Manufacturing, 6,000; and Information, 2,700.

The next unemployment update is scheduled for Wednesday, March 13, 2024 when the county unemployment rates for January 2024 will be released.