Wilmington’s unemployment rate experienced a slight uptick in May, reaching 3.1%, according to the latest data from the Bureau of Labor Statistics. This marks an increase of 0.3 percentage points from April but remains the second-lowest level recorded all year.
Better Than the Rest: Despite the increase, Wilmington’s unemployment rate continues to outperform both state and national averages. The Port City’s rate is well below the state average of 3.6% and the national average of 4%, underscoring its relatively strong labor market.
Payroll: In May, total nonfarm payrolls in Wilmington rose by 700, bringing the non-seasonally adjusted total to 150,000. This increase, however, was the second smallest monthly gain seen this year, reflecting a modest pace of job growth.
Bottom Line: The slight rise in unemployment and the modest payroll increase suggest a stabilization in Wilmington’s job market, with employers cautiously expanding their workforce. Wilmington’s labor market resilience is a positive indicator amid broader economic uncertainties. The city’s lower-than-average unemployment rate and steady job growth contribute to its economic stability, offering a buffer against potential economic fluctuations.
