NC Jobless Rate | NC Dept. of Commerce

Aug. 18. The state’s seasonally adjusted unemployment rate was 3.3 percent in July, unchanged from June’s revised rate. The national rate decreased 0.1 of a percentage point to 3.5 percent.

And despite multiple rate hikes over the past year, the US economy remains remarkably resilient, growing at an annualized rate of 2.4 percent in the second quarter of 2023, according to Wells Fargo economists. In addition, inflation has receded in recent months, although it remains above the Fed’s target of 2 percent.

Wells Fargo said it looks more likely the Federal Reserve can bring inflation back to its target rate of 2 percent on a sustainable basis without a meaningful decline in employment, a so-called “soft landing.”

Details

—North Carolina’s unemployment rate decreased 0.4 of a percentage point in July from a year ago.

—The number of people employed increased 12,229 over the month to 5,060,181 and increased 81,640 over the year.

—The number of people unemployed decreased 1,159 over the month to 171,445 and decreased 22,097 over the year.

Quotable

We still think it is more likely than not that the economy experiences a few quarters of negative GDP growth and declining employment early next year. But we readily acknowledge that the probability of a “soft landing” has increased.

—Wells Fargo August economic outlook