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Triangle jobless rate at 8.9% [The News and Observer, Raleigh, N.C.](News & Observer (Raleigh, NC) Via Acquire Media NewsEdge) Dec. 2--The Triangle's jobless rate stayed flat at 8.9 percent in October, as this region remains relatively healthy compared to the state and nation. The latest local data were released Tuesday morning by the N.C. Employment Security Commission and adjusted for seasonal effects by Wells Fargo Securities economists in Charlotte. The revised data provide a more statistically valid measure of local unemployment. On a seasonally adjusted basis, North Carolina's jobless rate rose to 11 percent in October, remaining above the national rate of 10.2 percent. "The Triangle is weathering the storm better than most metropolitan areas of the country," partly because of its concentration of technology employers, said Mark Vitner, Wells Fargo's senior economist. By comparison, Charlotte's seasonally adjusted rate surged to 12.9 percent in October from 12.3 percent, Vitner reported. That area has a larger concentration of manufacturing, which was hit hard by the recession. Other tech-heavy regions nationally also are faring relatively well, including Northern California, Austin, Texas, and the suburbs of Washington, D.C., Vitner said. "It hurt the Triangle during the last recession because the tech sector was at the center of that," Vitner said. "In this downturn, it looks like the tech sector may be at the center of the economic recovery" as spending on software and other products rebounds. That's not to say technology workers aren't getting hurt in the downturn. Sony Ericsson recently announced it will close its Research Triangle Park operations and lay off 425 workers. And hundreds of Nortel Networks employees are waiting to learn whether they'll have jobs as new owners buy pieces of the telecom-equipment maker. But there also are tech companies that are planning to fill hundreds of local jobs during the next few years, including ChannelAdvisor, Cree, EMC and Talecris Biotherapeutics. That's little solace for Andy Preston, who was laid off from Nortel about a year ago after a 20-year career and is still looking for a new job. The software engineer continues to collect unemployment benefits while volunteering and taking classes. Preston, 52, estimates he applies for three or four jobs a week but said that most employers "are looking for less experience." "They're afraid I'll ask for too much money," he said. "[They must think] I'm almost too old to pick up new tricks but too young to go into retirement. It's a bit demoralizing." Vitner expects the job market won't begin to heal until the middle of next year, when employers are certain the economy is recovering. And as things begin to improve, people who have given up trying to find jobs will try to re-enter the work force, which could increase competition and cause the unemployment rate to rise. "It's going to be a painful winter," Vitner said. [email protected] or 919-829-4572 To see more of The News & Observer, or to subscribe to the newspaper, go to http://www.newsobserver.com. Copyright (c) 2009, The News and Observer, Raleigh, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |