Posted on 04/17/2004 7:41:57 PM PDT by jern
N.C. job growth surges in March
By KARIN RIVES, Staff Writer
North Carolina's unemployment rate fell to 5.2 percent last month, dropping below the national average for the first time in four years.
Nearly 30,000 people returned to work last month. That is more than double the job growth in February.
The state's jobless rate in March declined from 6 percent the month before and was the lowest since April 2001, the N.C. Employment Security Commission reported Friday. That contrasts with the national jobless rate, which inched up to 5.7 percent last month despite significant job creation nationwide.
"The North Carolina job market is heading in the right direction," said Mark Zandi, chief economist for Economy.com, a West Chester, Pa., consulting firm. "It augers well for the state's economy going forward."
More than 32,000 North Carolinians dropped off the unemployment roster in March because they found work or exhausted their jobless benefits, the largest one-month decline in 26 years.
Most sectors, including transportation and professional business services, added jobs.
And more people saw reason to stay in the labor force: 2,573 workers dropped out in March, compared with 8,904 the month before. A shrinking labor force is usually viewed by economists as a sign of discouragement among workers who have given up their job search or moved away.
Only manufacturing and information technology industries lost jobs. Layoffs in textile, apparel and furniture factories eliminated 2,900 jobs over the month. Internet companies, data-processing companies and other information-services providers, which have a strong presence in the Triangle, shed 800 jobs in March.
Zandi cautioned that the household survey showing growth in employment is the smallest and least accurate of two surveys the government conducts to determine job market conditions. The other survey, which is based on payroll data, showed a loss of 2,200 North Carolina jobs.
Other economists were more encouraged, noting that the household survey counts people who are working for themselves and starting new companies -- employment that is missed by the payroll survey. Especially in North Carolina, which saw a boom in start-up companies in the 1990s, such employment could be significant, said Michael L. Walden, an economist at N.C. State University.
"I was surprised it was this good," said Walden, referring to the household survey numbers for March, which came in twice as strong as he had predicted. "I do think we've turned the corner."
Companies such as Arsenal Digital Solutions in Cary should contribute to the job growth. The data-storage company expects to boost its payroll by 20 percent this year, adding about 15 new people to help businesses protect sensitive computer data information.
"We're hiring across the board," said Steve Seigel, Arsenal's marketing director. "Operations, research and development, sales, business development. "
Other Triangle employers that have said they plan to add staff this year: Red Hat, Qualcomm, Cisco Systems, Merck and Wyeth.
Some local job seekers are noticing a change in climate, too.
"Since February, I've been getting a lot more leads," said Michael Powell, 44. The former chief technology officer moved with his family from Long Island, N.Y., to North Raleigh in August and has been looking for work ever since. "I even got an interview for a job. That made me feel a lot more positive."
The biggest gains came from trade, transportation, warehousing and utility companies, which added 4,300 jobs. Leisure and hospitality services, which include hotels and restaurants, filled 1,400 new jobs.
"The transportation industry is advertising in the paper, saying they just can't find enough people to fill jobs," said Gina Martin, an economist at Wachovia Securities in Charlotte. "We have industries in our state that actually have a hard time finding workers."
Right now, almost all of them do.
It's silly to think that there is suddenly a glut of new waiter jobs being created. Just the opposite, they are just being vacated. It's not necessary to look only for the doom and gloom, leave that to the Network News shows.
Some found work as seatbelt and third brakelight checkers and ticket consultants for attorneys
Some found work as seatbelt and third brakelight checkers and ticket consultants for attorneys
Dang it. Giddy's 'jobs' plan is already ramping up. I hope I haven't missed out on all the best roadside spots yet...
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