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Triangle Business Today

Local unemployment figures improve

Posted November 3, 2012

The overall national unemployment rate moved up slightly to 7.9 percent in October. While that is not the direction that we were looking for in terms of overall employment trends, economists were a bit more optimistic on the new jobs data, with 171,000 new jobs being created in October.

The economy will not return to full employment with those kinds of monthly numbers, but it is certainly a move in the right direction. The markets had an initial positive response to the data, but as the day progressed, the markets moved into negative territory. Mortgage Rates were relatively flat today.

With the election on Tuesday, it’s likely that we don’t see much in terms of market movement until the outcome results are delivered.

Here in North Carolina, the employment picture for September was released today from the Employment Security Commission. Here are a few data points from their report.

September Triangle unemployment rates by county:

  • Chatham – 6.7% - down from 7.1% in August
  • Durham – 7.4% - down from 8.0% in August
  • Johnston – 7.9% - down from 8.4% in August
  • Orange – 5.7% - down from 6.5% in August
  • Wake – 7.0% - down from 7.7% in August

The overall trend is moving in the right direction for the Triangle. Unemployment rates are a key component for the continued healing of the Triangle’s housing market.

Have a great weekend and make sure you get out and vote on Tuesday if you haven’t done so already!!

3 Comments

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  • joeguard72 Nov 8, 6:07 p.m.

    Somebody seems to be white-washing the figures. I-Robot is closing in Durham, as well as the remaining K-Mart. Just noted on this site as well that over 600 employees are hit with a tech plant re-structuring in Greensboro. I won't be able to feel the economy is turning around until figures drop below 5% state wide.
    :-(

  • chrismcl35 Nov 8, 8:45 a.m.

    Have they improved or are people just running out of UN-employment benefits? I have exhausted all of my benefits and can no file myself as UN-employed. Does this mean according to statistics that I am no longer UN-employed? I am still looking but not being counted. How many more are there like me no longer being counted?

  • careys5 Nov 7, 7:31 p.m.

    you say unemployment has improved but you don't say why. there are a lot of you that way ( spin a little bit of the information and don't tell the whole story )the way it should be told. well here it is. in october employment rose by such & such a number. of the such & such a number such & such were hired as TEMPORARY PART TIME EMPLOYEES FOR THE CHRISTMAS HOLIDAY. now much to our chagrin january they will be back in the unemployment lines once again. now what good is that except they get to draw another years worth of unemployment at tax payers expense.so your statment is false unemployment is not getting better and it will be getting worse under our new president.

About this Blog:

Jeremy Salemson, CEO of Corporate Investors Mortgage Group, blogs about economic trends and data and their impact on Triangle business. Each week, he interviews a Triangle-area business leader for a personal look at the local economy.