Charlotte USA unemployment continues downward trend

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Unemployment has continued to fall steadily since June, as every one of the 16 counties in the Charlotte region experienced a drop in its unemployment rate from August to September. The Charlotte Regional Partnership’s October By the Numbers reports that as a region, the rate fell to 10.9 percent from 11.6 percent with initial unemployment claims across Charlotte USA decreasing a whopping 27 percent from September 2009.

However, the labor force continued to shrink slightly, dipping .7 percent, which might indicate residents are still experiencing frustration with job searches, and no longer are categorized as actively looking for work. The U.S. Consumer Confidence Index, which had declined in September, increased slightly in October. While slightly improved from September levels, the index is still hovering at historically low levels.

The Federal Reserve’s Fifth District Survey of Manufacturing Activity in the central Atlantic region, which includes the Charlotte region, advanced modestly in October, following a slight pullback in September. Shipments and employment edged back into positive territory while the volume of new orders posted solid gains. The Federal Reserve’s Carolinas Survey of business activity index increased in October although it remained in negative territory.

The Charlotte Regional Partnership’s monthly By the Numbers is the only report of its kind. Easy-to-read charts not only compare employment numbers in the current and prior years for each of our 16 counties, the report breaks down employment changes by industry. It compares the Charlotte region with the other six partnership areas in North Carolina and other major Southeast regions. Charts show at a glance year-to-year comparisons of the national unemployment rate, consumer confidence and home sales indices. The report also summarizes Charlotte USA locations, expansions, closings and layoffs for each month fiscal year-to-date. View the full October report at http://charlotteusa.com/images/uploads/charlotteusa_by_the_numbers_10-31-2010.pdf.

A nonprofit, public/private economic development organization, the Charlotte Regional Partnership allocates and leverages regional economic development resources to sustain and enhance the economic growth, vitality and global competitiveness of the Charlotte region. The 16-county region encompasses Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union counties in North Carolina and Chester, Chesterfield, Lancaster and York counties in South Carolina.
www.charlotteusa.com

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