Ignore the spin that “adjusted” unemployment rates improved in Mecklenburg County. The state’s raw numbers tell another tale.
For June the county labor force shrank slightly to 462,042 from 463,949 indicating that fewer people are even bothering to look for work. At the same time, however, the total number of jobs in the county also slipped — from 415,696 in May to 413,245 in June.
In other words, during the first month of the summer of recovery Mecklenburg lost about 2500 jobs. And remember, the 2008 pre-recession peak for employment in the county was about 443,000 jobs. We have lost 30,000 jobs and have 48,800 people unemployed — just in Mecklenburg County.
Much the same story for the metro area, which lost a staggering 5000 members of the labor force in just one month, May to June. Not surprisingly, total employment also fell by about 5000 jobs — from 769,072 to 764,848. Compared to a pre-recession peak of some 819,000 jobs, the metro area is 54,000 jobs short of where it was in 2008.
This does not bode well for Mecklenburg’s sales tax take going forward, as the county functioned as the region’s purchase-point of choice. People cannot spend income they do not have. And if sales tax revenue remains flat and if commercial real estate is in the crapper — and locally it is doing every but spinning and floating — guess where the ongoing county property tax reval lands?
Right on the backs of Mr. and Mrs. John Q. Driveway.
Have a great weekend.
