Triangle jobless rate up a bit: Region still below N.C., U.S. levels

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[March 20, 2008]

Triangle jobless rate up a bit: Region still below N.C., U.S. levels

(News & Observer, The (Raleigh, NC) (KRT) Via Thomson Dialog NewsEdge) Mar. 20--The Triangle jobless rate edged up slightly in January, but the region continued to fare better than the state and nation amid the economic slowdown.

The number of people unemployed in the eight-county area that includes Orange, Johnston and Wake rose to 3.9 percent from 3.8 percent in December. That's according to figures released Wednesday by the N.C. Employment Security Commission and adjusted for seasonal effects by Wachovia in Charlotte.

The state and national jobless rates were 4.9 percent in January.

"Anything below 4 percent is extremely low," said Mark Vitner, an economist with Wachovia. "And I think that more firms in the Triangle right now are saying they're having trouble attracting and retaining skilled workers than would say they have too many people on their payrolls."

Economists are worried about softening in the nation's labor market, which shed 63,000 jobs in February, the most in five years. Economic conditions have continued to deteriorate since the fall when the housing slump intensified and credit markets seized up.

This region has been insulated from the worst of the troubles because it doesn't have as much exposure to the financial sector as a region such as Charlotte. And the housing market held up longer because of a growing population.

That's not to say the Triangle has escaped pain. In January, sales of existing homes fell 29.6 percent as the fallout in the housing market spread. Several companies have announced large layoffs recently, though they're not all driven by economic conditions.

Motricity, a mobile content company, is cutting 250 jobs in Durham as it merges with another company near Seattle and moves its headquarters there. Pilgrim's Pride said last week that it will shut a chicken processing plant in Siler City and lay off 836 workers. The move was prompted by rising feed costs that are cutting into the company's profits.

Economists will get an updated picture of North Carolina's labor market March 28 when the Employment Security Commission releases statewide jobless figures for February. The agency delayed initial reports for this year because it had to benchmark 2007 figures against national numbers.

The next jobless report for the Triangle will be released April 2.

jonathan.cox@newsobserver.com or (919) 836-4948

To see more of The News & Observer, or to subscribe to the newspaper, go to http://www.newsobserver.com.

Copyright (c) 2008, The News & Observer, Raleigh, N.C.
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