This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NC Unemployment Rate Edges Up In January

RALEIGH, N.C. (AP) â¿¿ North Carolina's monthly unemployment rate inched up, but that isn't a reason for concern because job growth numbers continue to be strong, an economist said Monday.

The state Commerce Department said Monday that North Carolina's unemployment rate was 9.5 percent in January. That's up from 9.4 percent in December. At the same time, the labor force grew by 9,131 people in January.

Wells Fargo economist Mark Vitner said North Carolina is a rapidly growing state. He said January's numbers reflect the difference between the increase in the labor force and the number of people hired.

"That's what's caused the unemployment rate to go up," said Vitner, adding that the uptick isn't a reason for concern.

In North Carolina, employers added 2,888 jobs, with the leisure and hospitality sector, and manufacturing accounting for most of the gains. The leisure and hospitality sector added 6,500 - the most in January.

But the professional and business services sector, and education and health service marked 6,243 in job losses.

The national jobless rate also increased slightly in January, from 7.8 percent in December to 7.9 percent, according to the U.S. Bureau of Labor Statistics.

North Carolina's unemployment rate was 9.6 percent in January, 2012.

Vitner said he didn't want to minimize North Carolina's unemployment rate. But a closer look reveals that the state has added 80,000 jobs in the last year.

"And the labor force has grown by a slightly larger amount than that," he said. "Virtually every industry is improving."

That includes construction, which is gaining momentum, he said.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs