Dec. 27, 2012. North Carolina’s smoothed seasonally adjusted unemployment rate decreased 0.2 of a percentage point in November to 9.1 percent. The national rate also fell 0.2 of a percentage point, from 7.9 percent to 7.7 percent. North Carolina’s November 2012 unemployment rate is 1.3 percentage points lower than a year ago.
The number of people employed (smoothed seasonally adjusted) increased 34,884 to 4,304,088 over the month, and 120,527 over the year.
Seasonally adjusted Total Nonfarm industry employment, as gathered through the monthly establishment survey, increased 30,600 to 3,995,700 in November. The major industry with the largest over-the-month increase was Trade, Transportation & Utilities, which gained 7,300 jobs, followed by Professional & Business Services, 5,400; Education & Health Services, 4,900; Leisure & Hospitality Services, 4,600 jobs; Manufacturing, 3,900; Construction, 1,700; and Financial Activities, 600. Since February 2010, when the state’s unemployment rate reached its highest mark of 11.4 percent, North Carolina has gained 145,300 jobs.
Since November 2011, Total Nonfarm jobs gained 60,000 with the Service Providing sector increasing by 58,100, and Goods Producing, 1,900. The largest over-the-year increase of major industries was in Trade, Transportation & Utilities, 16,300, followed by Leisure & Hospitality Services, 15,100; Professional & Business Services, 14,900; Education & Health Services, 10,100; Manufacturing, 6,800; Financial Activities, 2,900; and Information, 1,200.
The next unemployment update is scheduled for Thursday, Jan. 3, 2013 when the county unemployment rates for November 2012 will be released.
It is important to note that industry employment estimates are subject to large seasonal patterns. While seasonal adjustment factors are applied to the data, these factors may not be fully capturing the seasonal trend. Therefore, when interpreting the industry employment changes, it is advisable to focus on over-the-year changes in both the smoothed seasonally adjusted series and not seasonally adjusted series.
The N.C. Department of Commerce has created the Labor and Economic Analysis Division. This division brings together economists, analysts, and statisticians that previously worked in the Labor Market Information division of the former Employment Security Commission, and the staff of the Policy, Research, and Strategic Planning division of the NC Department of Commerce.