Changes in unemployment rates | Source: WalletHub

Oct. 24. September’s national jobs report showed above-average increases in hiring over the past month. The economy gained 336,000 non-farm payroll jobs, exceeding the average monthly gain of 267,000 over the past 12 months.

In September, there were notable gains in sectors including leisure and hospitality, government, health care, professional, scientific, and technical services and social assistance.

The US unemployment rate sits at 3.8 percent, well below the nearly historic high of 14.7 percent in August 2020.

North Carolina’s September jobless rate was 3.4 percent, down 12.9 percent from September last year, and down 45.3 percent from September of 2020.

WalletHub compared the changes in unemployment rates for all 50 states and the District of Columbia based on six key metrics. North Carolina fell in the middle sector, ranking 29th overall in terms improvement in the jobless rate.

To view the full report, click here.

What’s in store for the job market in 2023?

Congdon-Hohman

“I expect the job market will cool moderately in the late summer or fall. Based on the current level of unemployment and the high number of job openings, I do not expect this to have a major impact on workers initially. The most likely impacts would be longer unemployment spells, less voluntary job turnover, and slowing wage growth. By the end of 2023, these minimal effects could accelerate if the Federal Reserve raises rates significantly higher to fight persistently high inflation rates, banking concerns expand to a financial crisis, commercial property bankruptcies explode in the face of lease terminations due to slow return-to-work trends, or unforeseen economic instability caused by domestic or international factors.”

—Joshua M. Congdon-Hohman

Associate Professor, Economics and Accounting Dept. – College of the Holy Cross