Charlotte, NC Jobs Report
Friday’s jobs report included an unexpected improvement in the unemployment rate to 13.3%, after hitting the highest level in BLS monthly survey history in April at 14.7%. Most economists expected the jobless rate would climb further to nearly 20% in May, reflecting those still unemployed amid ongoing virus-related business disruptions. The monthly unemployment rate was estimated to have been about 25% at the peak of the Great Depression in 1933.
It is noted inconsistent classifications of workers due to pandemic-related effects meant the unemployment rate would have been about 3 percentage points higher than was actually reported. “As was the case in March and April, household survey interviewers were instructed to classify employed persons absent from work due to coronavirus-related business closures as unemployed on temporary layoff,” the Labor Department said in the report. “However, it is apparent that not all such workers were so classified. BLS and the Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address the issue.”
*The following chart displays the latest local job growth by sector compared to the previous month. Note that if a sector experienced losses or flat growth, it will not be displayed as part of the graphic.
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.