"Employment figures for North Carolina released today suggest that the state is in a "Three Bears economy -- not too hot and not too cold," economist William K. MacReynolds says.
North Carolina typifies the slow, steady economic recovery for most of the nation, MacReynolds says. Nonfarm payrolls in July of this year increased by 2.2 percent from July 2013. Private employment in North Carolina is up 21,000 since July 2013, rising in all sectors of the North Carolina economy. Only government employment is down during the year, by just more than 5,000 jobs.
North Carolina's unemployment rate remained almost unchanged in July as well. While the unemployment rate in North Carolina of 6.5% is near its regional average of 6.4% and the national average of 6.2%, each of these measures is 0.1 percentage point higher than it was in June.
The number of unemployed in July dropped to just under 300,000, but the unemployment rate rose since the civilian labor force also fell by over 14,000 people.
"The continuing drop in labor force participation is an unexplained facet of this economic recovery," MacReynolds concludes.
MacReynolds is founding dean of Greensboro College's School of Business.
Formerly an economist for the Federal Trade Commission, director of economic forecasting for the U.S. Chamber of Commerce and a Blue Chip Economics forecaster, he has taught part-time at Greensboro College since 2010. He joined the full-time Business Administration and Economics faculty earlier this year.
Greensboro College, an independent, coeducational college affiliated with the United Methodist Church, is an academic and social community that unites the liberal arts and Judeo-Christian values in an atmosphere of diversity and mutual respect.
Founded in 1838 and located near downtown Greensboro, the college enrolls about 1,250 students from 32 states, the District of Columbia and 24 nations in its undergraduate liberal-arts program and four master's degree programs. In addition to rigorous academics and a well-supported Honors program, the school features a 16-sport NCAA Division III athletic program and dozens of service and recreational opportunities."
- A Press Release