Latest news with #MikeMcCully
Yahoo
29-05-2025
- Business
- Yahoo
City job market remains steady
HIGH POINT — The local unemployment rate released Wednesday reflects the remarkable recovery of the economy from the depths of the coronavirus pandemic. The city unemployment rate was 4% last month. By contrast, the High Point jobless level five years ago as the pandemic emerged was 17.4%, one of the highest rates since the state began keeping North Carolina municipal jobless numbers in 1976. The city jobless rate reached over 10% — the sign of a struggling job market — for four consecutive months from April to July of 2020. Last month, the city jobless rate was down from 4.3% in March and 4.1% in April of last year, the U.S. Bureau of Labor Statistics reported Wednesday. 'Unemployment remains well below 5%, often considered a standard for a healthy job market,' said Mike McCully, associate professor of economics at High Point University. 'The job market has been extremely resilient after recovering from the COVID crisis in 2020.' McCully told The High Point Enterprise that economic sectors continue to be mixed compared to a year ago. 'The metro area is doing well in the education sector and professional services,' he said. 'The sectors facing greater challenges are local manufacturing, leisure and hospitality.' Statewide, unemployment rates decreased in all 100 counties from March to April, the N.C. Department of Commerce reported Wednesday. All 15 of the state's metropolitan areas posted rate decreases over the month. When compared to the same month last year, unemployment rates increased in 87 counties, decreased in five and remained unchanged in eight. Fourteen metropolitan areas recorded rate increases over the year, and one remained unchanged. However, all 100 North Carolina counties posted April jobless rates at or below 5%, historically the indicator of a healthy local job market. In March, 92 counties recorded rates at or below 5%. No counties posted unemployment rates in March and April at or above 10%, the sign of a struggling local job market. The number of workers employed statewide increased in April by 347 to 5.106 million while the number unemployed decreased by 14,207 to 180,760. Since April 2024, the number of workers employed statewide has decreased by 10,602, while the number unemployed has increased by 14,194.
Yahoo
30-04-2025
- Business
- Yahoo
City jobless rate holds steady
HIGH POINT — Local employers remained in a hiring mode as winter faded, continuing the extended recovery of the High Point job market from the coronavirus pandemic. The city of High Point unemployment rate was 4.4% in March, unchanged from February and down from 4.6% in March of last year, the U.S. Bureau of Labor Statistics reported Tuesday. The rate for this March was noticeably improved from the 6.9% level in March 2021 during COVID-19's impact on the economy. 'The unemployment rate remains below 5%, often considered the standard for a healthy job market,' said Mike McCully, associate professor of economics at High Point University. Over the past year, hiring has been strong in education, health care and professional services, McCully told The High Point Enterprise. 'Leisure and hospitality and manufacturing have faced the biggest challenges during the past year,' he said. The solid foundation of the North Carolina economy should help preserve job opportunities. 'The area's tax incentives, and our very strong air and highway transportation hubs, should continue to attract new businesses in the long run,' McCully said. Statewide, unemployment rates decreased in 43 counties from February to March, increased in 29 and remained unchanged in 28. Seven of the state's metropolitan areas posted rate increases, five recorded decreases and three remained unchanged, the N.C. Department of Commerce reported Tuesday. When compared to March of last year, unemployment rates increased in 44 counties, decreased in 30 and remained unchanged in 26. Seven metropolitan areas recorded rate increases over the year, five posted decreases and three remained unchanged. The number of counties with unemployment rates at or below 5% totaled 92 in March compared to 91 in February. No counties recorded unemployment rates in February or March at or above 10%, historically the sign of a struggling job market. The number of workers employed statewide increased in March by 30,225 to 5.1 million while the number unemployed decreased by 191 to 195,211. Since March 2024, the number of workers employed statewide decreased by 8,623, while the number unemployed increased by 4,939. pjohnson@ | 336-888-3528 | @HPEpaul
Yahoo
22-03-2025
- Business
- Yahoo
City jobless rate up after Christmas
HIGH POINT — The city's metropolitan unemployment rate was up in January following the Christmas holidays but remained steady over the course of a year. The Greensboro-High Point area jobless rate was 4.2% in January, up from 3.6% in December but virtually even with the 4.1% level in January 2024, the N.C. Department of Commerce reported Friday. Jobless rates typically rise after the Christmas holiday season, said Mike McCully, associate professor of economics at High Point University. 'Every year, unemployment rises about a half a percentage point between December and January,' McCully said. 'The good news is that unemployment continues to remain below 5%, which economists consider a normal unemployment rate. Statewide, unemployment rates increased in 99 counties from December to January and remained unchanged in one county, the N.C. Commerce Department reported Friday. All 15 of the state's metropolitan areas recorded rate increases. When compared to the same month last year, unemployment rates increased in 69 counties, decreased in 18 and remained unchanged in 13, according to the state Commerce Department. Nine metropolitan areas posted rate increases over the year, two decreased and four remained unchanged. In January 80 counties had jobless rates at or below 5%, historically the sign of a solid local job market. The number of counties at or below 5% was down from 94 in December. No counties in the state recorded jobless rates in December or January that were at or above 10%, the indicator of a sluggish employment market. The number of workers employed statewide increased in January by 10,772 to 5.077 million while the number unemployed increased by 31,684 to 209,884. Since January 2024, the number of workers employed statewide had increased by 25,816, while the number unemployed had increased 14,733. pjohnson@ | 336-888-3528 | @HPEpaul
