Unemployment at 11-month high
June rate rises because of tight summer-job market, officials say
Increased competition for summer jobs sent the Triad’s unemployment rate to an 11-month high of 5.3 percent in June, the N.C. Employment Security Commission reported yesterday.
The rate was 4.8 percent in May.
It was the first time that the Triad’s jobless rate was above 5 percent since February. Economists said that by traditional definition, a 5 percent unemployment rate signifies an economy at full employment in which everyone available for work has a job.
Eight of the 10 counties in the Triad had an increase in their unemployment rates, with Guilford’s rate rising to 5.3 percent from 4.7 percent in May and Stokes’ rate going to 5.5 percent from 4.9 percent in May.
However, Davie County’s rate dropped to 4.9 percent from 5.8 percent in May.
“The upshot I take from all of this in recent months is that things are a bit shaky,” said Todd Cherry, an economics professor at Appalachian State University. “Things are not solidly strong, but it may not be that bad. Read full story
