Despite a slight 1% decline in the NCSU INDEX OF NORTH CAROLINA LEADING ECONOMIC INDICATORS in April, building permits showed a strong gain of 18%. This slight drop has not significantly impacted the Index’s overall performance. All five components contributing to the decrease were national index, manufacturing hours, manufacturing earnings, and initial jobless claims. Building permits were the only component that strengthened the Index.
Looking at North Carolina’s economic trends, there have been no significant movements either up or down. This suggests that the state’s economy is expected to continue with limited movement for the remainder of 2024. Economic growth and job growth are anticipated to continue. The Index indicates that North Carolina’s economy is likely to experience minor changes in the near future, but unexpected events such as international incidents, energy market changes, and Federal Reserve policy adjustments could potentially drive significant changes.
The NCSU INDEX OF NORTH CAROLINA LEADING ECONOMIC INDICATORS comprises five components: the national leading index from the Conference Board, North Carolina initial claims for unemployment benefits, North Carolina building permits, average weekly hours of work for North Carolina employees in manufacturing, and average weekly earnings for North Carolina employees in manufacturing. All data are seasonally adjusted and adjusted for price level differences where necessary. The data are sourced from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, and ECRI. Dr. Michael Walden conducts all calculations for the Index, and feedback can be directed to [michael\_walden@ncsu