We may not be singing “Happy Days Are Here Again” just yet, but couldn’t we sing “pretty good days are here again”?
It’s been quite a while since the economic news has been total doom and gloom. Even if it’s in fits and starts, it’s getting better. The best news we’ve heard recently – aside from significantly lower gas prices – is that North Carolina’s jobless rate has dropped to 5.5 percent. That’s considered full employment by most economists – everyone who wants a job has one.
The N.C. Commerce Department reported last week that the state’s jobless rate was 5.5 percent in December, down 0.4 percentage points from November, the Journal’s Richard Craver reported recently. That’s the lowest level since 5.4 percent in April 2008 – about six months before the Great Recession began.
The overall rate decline “is not surprising at all given the strong growth in employment we saw toward the end of last year,” Mark Vitner, a senior economist with Wells Fargo Securities, told the Journal.
Gov. Pat McCrory said in a press release: “the latest report continues to show that North Carolina is headed in the right direction when it comes to creating jobs and rebuilding the economy.”
North Carolina added 114,500 private-sector jobs in 2014, the largest annual gain since 2006. While it’s not clear how many of those jobs are full-time, temporary or part-time, it’s a move in the right direction.
While there’s no shortage of those on the political spectrum who will take credit for the good news or place blame for the bad, our leaders should impartially nail down what’s working and why and keep doing it. We’re just glad for the improvement.
Despite the low jobless rate, we know that in terms of raw numbers, many are still struggling with poverty and homelessness. Winston-Salem’s homeless count, conducted Thursday night by volunteers with the United Way and the Winston-Salem/Forsyth County Homeless Council, came up with too many still living on the streets. Many of the working poor don’t yet make enough to pay rent, let alone buy homes. Let’s not forget them. A full financial recovery should include everyone who wants to be included.
