12/30/2016 – October revision gives Caldwell best jobless rate since 2001

Posted on: December 30th, 2016 by admin

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December 30, 2016

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Caldwell County officials have been hoping for months to see the local unemployment rate drop below 5 percent.

 

Turns out it already did, and we missed it.

 

In figures released by the N.C. Labor and Economic Analysis Division, the October unemployment rate was revised downward from 5 percent to 4 .9 percent, making October the first time the rate had been lower than 5 percent since April 2001, when it was 4.8 percent.

 

Unfortunately, the rate crept back up to 5 percent for November, the same rate as it was in September.

 

The Labor and Economic Analysis Division did a lot of downward revision of October’s rate: It went down in 64 of the state’s 100 counties.

 

In 33 of those 64 counties – including Caldwell and neighboring Catawba, Burke, Alexander, and Wilkes – the rate for November went back up by the same amount as the October revision went down.

 

Caldwell County Economic Development Commission Executive Director Deborah Murray said last month that breaking the 5 percent barrier would be of mostly psychological importance since the county has been seeing sustained improvement in both the size of the labor force and the number of the people with jobs.

 

In November, the number of people reporting they had jobs and the size of the labor force both went up by a small amount. The labor force grew just a bit more than the number of those with jobs, though, accounting for the increase in the unemployment rate.

 

Since May, Caldwell County’s unemployment rate has gone up and down by only small amounts. It’s a full percentage point lower than in January and February, when it was 6 percent.

 

By Guy Lucas, (Lenoir) News-Topic

 

 

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