Wilmington’s unemployment rate rose to 3.7% in August, the highest level since August 2022, according to newly released data.
- This marks the third time in four months that the city’s unemployment rate has increased, up from 3.6% the previous month.
- The current rate of 3.7% is higher than North Carolina’s statewide average of 3.5%, but it remains below the U.S. national rate, which reached 4.2% in August.
More Workers: Despite the uptick, the labor market continues to show resilience, with nonfarm payrolls rising by 1,400 jobs during the same month. The 2.0% year-over-year growth in payrolls suggests that Wilmington’s labor market is still expanding, even as the unemployment rate inches upward.
Bottom Line: The combination of rising payrolls and a growing labor force suggests that Wilmington’s economy is still on solid footing, despite the headline increase in unemployment. As more workers come off the sidelines to rejoin the workforce, the labor market could see further adjustments, but for now, the uptick does not point to significant economic distress.
