Unemployment holds steady
The jobless rate is stuck at 5 percent in Greensboro and High Point, according to the latest figures released by the N.C. Employment Security Commission.
Meanwhile, Winston-Salem is churning out new jobs in health care and construction. The twin city's unemployment rate dropped to 4.4 percent in May from 4.6 percent in April.
Mark Vitner, an economist with Wachovia, said cutbacks in textiles and furniture are offsetting job gains in financial services and other service sector areas in Guilford.
Another reason the number is holding steady is that more job seekers are entering the market, he said.
Going forward, high oil prices could affect growth in retail and restaurants, as people compensate for pump prices by spending less on clothes and eating out, said Vitner. "But it won't be a dramatic impact. High oil prices are a slow drag on the economy."
Note: The figures released by the ESC were not seasonally adjusted, and therefor not as accurate. Economist Don Jud is going to run the numbers and will give the N&R a fuller picture of the outlook later today.