Fact Check: McCrory Wrong on Job Numbers
The other day, Governor McCrory announced that North Carolina had fully recovered from the recession. However, new analysis from South by North Strategies shows that adjusting for population growth, we still need over 400,000 more jobs to be created. At the current rate of job growth that would take 5 more years. Not exactly a Carolina Comeback. From the Public News Service article about the analysis,
CHAPEL HILL, N.C. - Not everyone is buying Governor Pat McCrory's claim of success after October unemployment numbers indicated the state had recovered the jobs lost during the Great Recession. While the number of people employed last month is slightly above pre-recession levels, John Quinterno with South By North Strategies in Chapel Hill says that's not the whole story. "Just because we have the same number of payroll jobs we did almost seven years ago is not the same thing as a recovery," he says. "In no way, shape or form should that be taken as a sign we won the battle against unemployment in North Carolina." Quinterno said a healthy economy needs to add jobs to support population growth.
Analysts estimate more than 280,000 workers are not counted in the unemployment data because they have given up on finding a job. If they were included, the unemployment rate would be 12.5 percent, versus the reported 6.3 percent. Furthermore, Quinterno says North Carolina must add more than 400,000 jobs to accommodate the 11 percent rate of population growth the state has experienced since 2007. "Replacing the number of jobs lost during the recession is not enough," he says. "You have to replace those jobs and you need to be creating jobs each month to accommodate the growth and size of the workforce."
According to South by North Strategies, the state has over 28 percent more unemployed residents than it did seven years ago.