The Economic Perspective: “Economic Fallout of the Virus in North Carolina”

Mary: This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at the economic fallout of the virus in North Carolina.  Mike, we’ve been struggling with the coronavirus since February.  Can we see now see the impact of the virus on the economy, particularly here in North Carolina?

 

Mike:  Summary Answer

  • Definitely
  • Two parts: damage from February to April; some recovery in May
  • Let’s look at the damage
  • NC lost 13% of its jobs, slightly less that the 14% in the nation
  • NC’s jobless rate jumped from 3.6% to 12.9%; again slightly better than the 3.5% to 14.7% gain in the nation
  • Some recovery in May; here NC’s improvement was slightly slower
  • In nation, jobs increased 1.9%; in NC, by 1.7%
  • National jobless rate fell from 14.7% to 13.3%; NC’s unchanged
  • Possible reason:  other states – particularly in northeast, were ahead of NC
  • I’m MW

 

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