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FA NORTH CAROLINA Department of Commerce i NORTH CAROLINA ECONOMIC OVERVIEW: December 2012 KEY INDICATORS AT A GLANCE NC Unemployment Rate decreased from 9.3% to 9.1% NC Total Nonfarm Employment increased 30,600 jobs NC Manufacturing Weekly Hours increased 0.3 hours NC Help Wanted Online increased by 5,500 online job openings NCSU Index of Leading Indicators increased 2.3% US Consumer Confidence Index rose to 73.7 from 73.1 US Real Gross Domestic Product increased 3.1% in 3r Qtr. compared to 1.3% in the 2 11 Qtr. . North Carolina employment growth accelerated in November. The unemployment rate decreased 0.2 of a percentage point to 9.1 percent from October to November. Seasonally adjusted total nonfarm employment gained 30,600 jobs over the month after increasing by 8,300 jobs in October. Continuing a trend begun early in 2012, online labor demand in North Carolina rose 5,500 in November and totaled 23,300 openings since the start of the year. This was a 19.9 percent increase over the same period in 2011. Manufacturing weekly hours increased by 0.3 hours in November. Housing activity in the state continues to grow; absorbing excess inventory caused by past overbuilding and continued high levels of distressed properties. In October, the number of North Carolina residential building permits was twice the level of October, 2011. October existing home sales in North Carolina jumped by 30 percent when compared to October 2011. Residential foreclosures fell slightly in November to 3,450. According to the Carolinas Survey of Business Activity, November business activity picked up modestly, continuing a positive three month trend. Bankruptcies in the state have trended downward for 27 months and are 9.3 percent lower compared to the third quarter 2011. Travel and tourism in North Carolina have continued to boom in the recessionary economy despite high gasoline prices. Fortunately, gas prices have dropped significantly in recent months. The statewide average was $3.31 on November 20th, down 54 cents from its mid - September peak. 8.3 billion automobile miles were traveled in North Carolina during September, a slight decline from 2011. However, most other Southeastern states experienced larger drops in mileage driven while it declined by 1.5 percent nationwide. In September, enplanements at Charlotte Douglas International Airport grew 5.4 percent compared to September 2011. This growth rate was the fastest among the nation's largest airports and moved the airport's ranking up from eighth in August to sixth. In October, Hotel /motel occupancy reached 63 percent, its highest level since 2007. October room rates topped $90, the highest October room rates on record in North Carolina. Retail sales revenues for the third quarter 2012 were 2.1 percent above the same period in 2011 with some retail sectors performing particularly well. For example, spending increased in the apparel sector by over ten percent with women's apparel up a fashionable 70 percent. The NCSU Index of North Carolina Leading Economic Indicators (the "Index "), a forecast of the economy's direction four to six months ahead, rose 2.3 percent in October, its highest level since early 2011. The NCSU Index of North Carolina Leading Economic Indicators was developed by Dr. Michael Walden at NC State. Dr. Walden has a PhD in economics and more than 30 years of experience studying North Carolina's economy. Special thanks to Dr. Walden for allowing the reproduction of the Index (November 2012, volume 3, number 11) in this publication. Labor & Economic Analysis Division; DecemARrE4PrVnAW96tr 1 1 -3 Page 274