The unemployment rate rose slightly in the Piedmont Triad this summer. The Triad area lost nearly 4,000 workers in July, and the region’s labor force is down approximately 20,000 from this time last year.
Wake Forest University Associate Teaching Professor of Economics Todd McFall chalks up much of the decline to an aging population exiting the workforce. He says he’s surprised that the Triad labor market is as healthy as it is given today’s economy.
"Inflation has been higher than normal for about 5 years; long-run interest rates have been pushed up," says McFall. "And petroleum prices are higher than they've been in — I mean, for diesel, ever."
Job gains in the Triad during the past year have come from health services. McFall says he expects continued growth in that sector amid louder calls for more expansive health coverage.