Understanding how the jobless rate is calculated as well as why it is important is a crucial component to analyzing the economic standing of each state. The unemployment rate is determined as a way of measuring the amount of unemployed individuals within the entire work force. The reason why the jobless rate is monitored so closely, is because it can be a great analytical tool to assess the economy as a whole. For example, when a state has a high unemployment rate, this could mean that a recession is near or that job growth is not as prevalent as it needs to be. This allows a closer look at certain business sectors within the job market and adjustments to the state’s unemployment insurance program, if necessary. This number is a percentage, which increases and decreases every month based on certain factors, such as the amount of individuals in the workforce or how many jobs have been added or lost.
To understand what is the unemployment rate in North Carolina currently, statistics need to be pulled from May 2017. The unemployment rate in North Carolina fell 0.2 percentage points, clocking in at 4.5 percent. This jobless rate is only slightly higher than the national average of 4.3 percent. On the brighter side, 4.5 percent is a huge improvement from post-recession rates hovering around 11 percent. The number of unemployed workers in North Carolina has decreased since the end of last year by over 30,000. This could be due to a variety of factors including retirement, individuals abandoning their job search or opting to stay at home rather than actively seeking employment. But despite the reasons why, the fact the unemployment rate in North Carolina has made strides is a great sign for the economy as a whole.
For those who still find difficulty in obtaining employment in North Carolina, unemployment insurance benefits are an option. These temporary wage benefits are provided to qualified individuals who meet all state mandated eligibility requirements.