On Friday, the Employment Security Commission of North Carolina will release the employment report for September, the 21st month of the recession. As the downturn nears the two-year mark, where does the state’s labor market stand?
As of August, the recession had led North Carolina’s non-farm employers to eliminate, on net , 253,400 payroll positions. Consequently, payroll employment is now 6 percent smaller than it was in December 2007 (graph, left).
In terms of job losses, the current recession was a slow starter. Significant net losses did not start until fall 2009, with heavy losses occurring every month between 11/08 and 3/09. In fact, that period accounts for 64 percent of all the job losses that have occurred during the recession. Although the pace of job losses has moderated since April, the overall trend remains a downward one.
Job losses have been relatively widespread (graph, right). With the exception of the health care/education and government fields, payrolls have contracted in every major industry. The greatest numerical losses have occurred in manufacturing, construction, and professional services while the greatest proportional declines have occurred in construction and manufacturing.