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Triangle jobless rate shows improvement

This region's unemployment rate remains high, but it's still healthier than most of the state and much of the nation.

In July, joblessness in the Triangle fell to 8.3 percent from 8.5 percent a month earlier. That's according to data released this morning by the N.C. Employment Security Commission and adjusted for seasonal effects by Wells Fargo Securities economists in Charlotte.

The state's rate stayed flat at 11 percent in July, and the national rate was 9.4 percent.

The jobless rate is a key measure of the broader economy, as people who are out of work don't shop as much and can run into trouble paying their mortgages and other bills.

While local job seekers still face tough odds as many companies remain reluctant to hire, the latest data is another sign of pending recovery.

"It's still a case of things getting less bad, not things getting better," said Mark Vitner, senior economist with Wells Fargo. "We're closer to the point where we're going to see some job growth. Businesses are seeing some signs of life in the economy."

In Charlotte, the seasonally adjusted jobless rate fell to 11.5 percent in July from 11.9 percent in June.

Triangle jobless rate dropped in June

Triangle joblessness dropped in June, adding to optimism that the worst of the recession is over.

Unemployment for the eight-county area that includes Durham, Johnston, Orange and Wake counties fell to 8.5 percent from 8.8 percent in May.

That's according to figures reported this morning by the N.C. Employment Security Commission and adjusted for seasonal effects by Wells Fargo in Charlotte.

"Given the magnitude of this drop it is hard to dismiss it," said Mark Vitner, senior economist with Wells Fargo Securities. "Layoffs appear to have peaked in the private sector, but we still expect hiring to remain sluggish as businesses continue to focus on cost cutting."

Triangle jobless rate rises again in May

Triangle joblessness rose again in May as the pain of this recession continued to spread across industries.

Unemployment for the eight-county region that includes Wake, Durham, Johnston and Orange increased to 8.8 percent, according to data released this morning by the N.C. Employment Security Commission and adjusted for seasonal effects by Wachovia in Charlotte.

That was up from 8.7 percent in April. More telling than the rate, though, is where the softness is showing up.

“We’re starting to see weakness spread to some parts fo the eocnomy that until recently had been holding up pretty good,” said Mark Vitner, an economist with Wachovia.

The construction and manufacturing sectors had seen much of the pain in this area, but now it is spreading to education, healthcare and government — pillars of the regional economy.

Even so, the Triangle is doing better than the state and nation overall. Unemployment in May was 11.1 percent statewide while the national average was 9.4 percent.

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