November 3, 2014

Charlotte’s Jobless Rate Hits Lowest Since May 2008

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Since the post-recession recovery has started, Charlotte’s jobless rate has dropped to its lowest level at 6.2 percent.

The unemployment rate at Charlotte-Gastonia-Rock Hill area has declined steeply from a year ago, when it was at 7.4 percent.

This figure has been the region’s lowest unemployment rate since May 2008 when the recession and economic meltdown was at its worst hitting both the region and nation badly.

Furthermore, both professional and business services sector show a strong growth last month as it adds 8,700 job opportunities over one year, which is an increase of about 6 percent. Trade, transportation and utilities generated more than 6,500 jobs or 3.6 percent while the construction sector added 2,500 jobs or 6 percent.

As for the manufacturing sector, although it lost thousands of jobs in decades, it added about 2,900 jobs or 4 percent.

Overall, the Charlotte region has added more than 22,400 job opportunities over the year, which is considered one of the biggest net employment increase in any metro within the state.

However, even with the increase in job opportunities in Charlotte and other urban areas, other areas, particularly 34 North Carolina counties and four metros, show a high unemployment rate now than they had before the recession took place in September 2008.

“Non-metropolitan labor markets continue to lag behind metropolitan ones,” said John Quinterno, head of the Chapel-Hill based South by North Strategies research firm. “The (unemployment rate) declines do not alter the fact that unemployment remains a serious problem.”

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