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 Says Jobless Rate Down Notch To 9.4 Percent


RALEIGH, N.C. (AP) â¿¿ Thousands of North Carolina residents quit looking for work in February, a development that cut the state's unemployment rate slightly to 9.4 percent from 9.5 percent in January, the state Commerce Department said Thursday.

That remained well above the national rate of 7.7 percent for the month.

North Carolina's unemployment rate rose to 9.5 percent in January as more than 9,100 people entered the labor force, the state agency reported earlier this month. That turned around in February, with more than 11,000 workers suddenly no longer working or looking for work.

The slightly lower unemployment rate may be in large part because thousands of people exited the competition for jobs, said Gardner-Webb University business school dean Anthony Negbenebor.

"What is happening, honestly, is for the first time in the history after the Depression, we have a much higher number of discouraged workers," he said. "They are so gradually testing the market now. They are coming back gradually, but not as fast as they did 10 years ago" following another recession.

Negbenebor noted that the month-to-month jobless rate can bob up and down, but the prevailing trend is that the economy is slowly and steadily improving. Although the state unemployment rate has barely improved from 9.5 percent in February 2012, the state's non-farm workforce of 4 million grew by 81,000 workers in the past year, Elon University economist Mark Kurt said.

"The year-to-year changes are more interesting and tell a better story for what's been happening for North Carolina. And Those look actually pretty positive," Kurt said. "That was pretty broad-based across industries."

Construction was the only major industry that continued to shed workers over the past year, with 2,800 fewer jobs. But housing prices are going up nationally, so lagging construction employment could turn around in the coming months, Kurt said.

1 of 2

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 $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs