Friday, June 21, 2013

More job losses in North Carolina

Remember how the last round of Republican-led cuts in personal, corporate, and sales tax in North Carolina in 2011 were supposed to lead to extraordinary job growth? Well, it's been nearly two years, and we're still waiting.

The U.S. Department of Labor released its latest estimates of state employment figures. For the third month in a row, North Carolina lost jobs on a seasonally adjusted basis. The Department of Labor estimates that the state lost about 400 jobs in March, 700 in April and another 5,900 jobs in May. Those losses occurred despite modest employment growth in the country as a whole.

The number of unemployed people is down in the state by about 30,000 over the last three months, lowering the unemployment rate from 9.4 percent to 8.8 percent. However, all of that decline (and then some) has come from a decrease in the number of people in the labor force. The number of people working or looking for work has shrunk by about 45,000 over the same period.

What should we expect if Republicans follow through with their current plans to cut taxes again for the wealthy corporations and people?

More of the same.