North Carolina’s jobless claims have reached their lowest point in six weeks, signaling potential resilience in the state’s labor market. For the week ending August 17th, the seasonally adjusted initial claims for unemployment benefits fell to 3,033, a drop of 283 from the prior week. This is the lowest level recorded since July 6th. Continuing claims also fell, with 20,697 claims for the week ending August 10th—down by 1,036 from the previous week and the lowest figure since early June.
The decline in claims comes amid a recent rise in North Carolina’s unemployment rate, which increased to 3.7%, the highest level since December 2022. This trend suggests that the uptick in unemployment may be more reflective of workers re-entering the labor market rather than widespread job losses.
Nationally, the labor market tells a different story. Initial claims rose to 232,000 for the week, an increase of 4,000 from the prior week’s revised level and marking the first increase in three weeks. The four-week moving average, often used to smooth out short-term fluctuations, stood at 236,000, down slightly by 750 from the prior week. However, the average has remained above 235,000 for six straight weeks, the longest such streak since May 2023, signaling a potential softening in the national job market.
Continuing claims at the national level remained mostly steady at 1.86 million for the fourth consecutive week. Claims have not stayed this elevated for such an extended period since late 2021, indicating a potential slowdown in job growth.
While North Carolina appears to be faring better than the national average, the broader U.S. labor market may be showing early signs of strain as jobless claims remain elevated across the country.
