Several economic indicators in the state reflected a slowdown in the pace of economic activity during the third quarter. The value of building permits, which reflect construction plans, declined 5.6 percent and the average manufacturing workweek slipped to 41.2 hours. Non-agricultural employment declined 0.1 percent and new claims for unemployment benefits increased 14.3 percent in the quarter.
New business starts increased 21 percent for the quarter and have risen 66.3 percent in the past year.
Nationally, non-agricultural employment increased 0.1 percent in the third quarter. During the past 12 months, non-agricultural employment has risen 1.1 percent in North Carolina, while it has increased 2.1 percent for the nation as a whole.
North Carolina manufacturing employment declined 1.3 percent during the third quarter. Employment was lower in all major sectors including furniture, non-electrical and electrical machinery, lumber and wood, textiles, apparel, food processing and chemicals.
Non-manufacturing employment gained 0.1 percent during the quarter. Employment was higher in services, contract construction and government. Wholesale/retail trade employment was lower.
North Carolina’s seasonally adjusted unemployment rate for the third quarter averaged 3.4 percent, up 0.2 of a percentage point from a revised figure for the second quarter of 2000. The national rate was 4 percent, unchanged from the previous quarter.
The Wachovia North Carolina Business Index measures the state’s economic activity quarterly. Using 1987 as a base of 100, the index reflects changes in the real value of goods and services produced in the state. Data are adjusted to smooth the effects of historical seasonal fluctuations and other statistical aberrations.
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