Regional economic decline reported

Western North Carolina economic activity, as measured by the Western North Carolina Economic Index, decreased .2 percent in March. The index, which tracks the level of economic activity in 25 western North Carolina counties, remained unchanged during the first quarter of 2008.

The economy, as measured by gross domestic product, grew at an annual rate of .6 percent during the first quarter of 2008.

Seasonally adjusted employment for WNC fell .25 percent in March, and has declined .5 percent over the first quarter of 2008. This represents a net loss of nearly 3,000 jobs during the first quarter of the year. Statewide employment remained unchanged in March.

Thirteen of the 25 WNC counties experienced a net job loss in March. Graham, Haywood and Wilkes counties had the largest job losses (.84, .51 and .51 percent, respectively). Ashe, Alexander and Catawba counties had the largest job gains (.67, .55 and .41 percent).

Regional unemployment was higher in March. The seasonally adjusted rate of unemployment for the region increased .2 percentage point to 5.4 in March.

The state unemployment rate also increased .2 point, registering 5.2 percent for the month. The national unemployment rate was 5.1 percent in March, up .3 point from the previous month.

 

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