The Wilmington metro area experienced an uptick in unemployment in June, reaching a 21-month high, according to the latest data from the Bureau of Labor Statistics (BLS).
- The unemployment rate in the region climbed to 3.6%, up from 3.1% in May, marking the highest level since August 2022.
Labor Force Contraction: This rise in unemployment occurred even as the civilian labor force contracted slightly. The labor force in the Wilmington metro area fell to 166,300 in June, a 0.2% decrease from the previous month. Despite this monthly decline, the labor force still grew by 0.5% compared to June of the previous year, indicating that the rise was in unemployment was not the result of an expanding labor market.
- The non-seasonally adjusted total nonfarm payroll also reflected the region’s economic challenges, dropping to 149,600 in June, down 0.2% from May. However, total nonfarm payrolls were up 1.8% when compared to the same time last year.
Statewide: In contrast, North Carolina’s overall unemployment rate remained steady at 3.6% in June, unchanged from May. However, this state-wide rate represents a 0.2 percentage point increase compared to the same time last year, indicating a broader trend of rising unemployment across the state.
The increase in unemployment in Wilmington comes at a time when the national labor market shows signs of cooling, raising concerns about the potential impact on the local economy.
