Well....Unemployment rises in 89 of NC counties.
“The slowing economy in the state during May was evident by the fact the unemployment rate rose in 89 of the state’s 100 counties,” said Dr. Michael Walden, an economist and a William Neal Reynolds Distinguished Professor Emeritus at North Carolina State University, in an interview with WRAL TechWire on Wednesday.
“While these are seasonally-unadjusted numbers, the seasonal adjustments between April and May in North Carolina should be relatively small,” Walden added. “The rising jobless rate in most North Carolina counties is consistent with other statewide factors associated with a reduced economic growth rate, such as falling building permits and rising initial jobless claims.”
Last week, Dr. Walden’s monthly report that tracks five leading indicators in North Carolina’s economy showed
an economic pullback had continued in May after the index fell in April, as well.
“While many economists predict the economic slowdown will continue and possibly accelerate, the real determination will be how fast and how much the Federal Reserve raises interest rates,” said Walden. “The Fed is still in the early stages of their interest rate tightening; hence, I predict we will see further unemployment rate jumps in most counties in coming months.”
The latest figures from the North Carolina Department of Commerce show that the unemployment rate increased in May in nearly 9 of every 10 counties.
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