Economist Mike Walden: Florence’s Impact on Jobs

This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at Florence’s impact on jobs.  Mike, we now have the initial state jobs report following the devastation caused by Hurricane Florence.  Did North Carolina lose jobs, and will the impact be long-lasting?

  1. It’s the September jobs report
  2. NC lost almost 22,000 payroll jobs; SC lost over 14,000
  3. Interestingly, the unemployment rate in both states did not rise – in fact, it fell
  4. Likely due to the specific way the unemployment rate is measured – have to be without a job and actively looking for work to be counted as jobless – those newly without jobs likely couldn’t get out and look for work
  5. Fortunately, the jump in unemployment will be short-lived – underlying economy is still robust, and rebuilding effort will actually create more work

And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.