Employment Implosion
This was supposed to be headed in exactly the opposite direction, right. I mean according to Gov. Bev, the state’s spending spree on business incentive bribes is supposed to be creating new jobs left and right. Not so much.
The ESC numbers released today show just how brutal November was on the jobless front with the raw unemployment rate (non-seasonally adjusted) jumping to 9.9 percent, from the previous month’s 9.2 percent, adding 29,000 folks to the jobless line and shrinking the total labor force by 40,716 jobs.
The seasonally-adjusted numbers are nearly as dismal with the unemployment rate standing at 9.7 percent, a tick up from 9.6 percent, the labor force down by nearly 3,400 and the number of unemployed growing by 4,800.
Put another way, from the Bureau of Labor Statistics which shows North Carolina losing 12,500 jobs in November, we’re worse than Ohio, that rust-belt bastion of job growth. In fact, last month we were the best in the nation – at losing jobs.
The John Locke Foundation’s Joseph Coletti breaks down the insanity of relying on corporate welfare as a cure for the state’s unemployment woes.
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