Jan. 28. The state’s seasonally adjusted December 2024 unemployment rate was 3.7 percent, unchanged from November’s revised rate. The national rate decreased 0.1 of a percentage point to 4.1 percent.

North Carolina’s unemployment rate increased 0.1 of a percentage point from a year ago. The number of people employed increased 1,224 over the month to 5,066,954 and increased 5,467 over the year. The number of people unemployed decreased 188 over the month to 196,926 and increased 9,526 over the year.

Quotable

“We have seen the U.S. unemployment rate rise from 3.3% in May of 2023 to 4.1% in October of 2024,” he said. “As a result of the weakness in the labor market, the Federal Reserve has begun reducing interest rates. During 2025, depending on economic data, the Fed could continue with interest rate reductions by up to another 100 basis points by mid-year. However, if Congress does not begin to control fiscal spending, we are likely to see a return of inflation in 2025, which could disrupt the Fed’s plans.”

—John Connaughton, UNC Charlotte professor of financial economics