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16 <br /> payments on the federal debt. Still,with the Fed's cautious and measured pace, these <br /> changes will not be dramatic. <br /> North Carolina's economy grew faster than the nation's economy in 2015. Real <br /> GDP growth was 3.4% vs. 2.2% for the nation, labor force growth was 3.2% vs. 0.6%, <br /> household employment growth was 3.1% vs. 1.4%, and payroll employment growth was <br /> 2.2% vs. 1.9%. The state's unemployment (headline) rate did not drop consistently like the <br /> national rate— despite the state's faster job growth rates— due to the extraordinary rapid <br /> increase in the state's labor force. <br /> As is North Carolina's tradition once an economic expansion takes hold, the state's <br /> economy should again outperform the national economy in 2016. Labor force growth and <br /> job growth should exceed national gains,with approximately 90,000 payroll jobs being <br /> added. The state unemployment (headline) rate will approach 5% at year's end. <br /> Strongest job growth will be in the upper-paying sectors of financial services, information, <br /> and professional/business services and also the lower-paying sectors of leisure/hospitality <br /> and other services. <br /> The state's regional economic divide will also persist in 2016. Charlotte, <br /> Greensboro/High Point, and Durham had the fastest relative payroll job growth in 2015, <br /> while Fayetteville and Hickory actually lost payroll jobs. Rural North Carolina had a <br /> good 2015,with payroll job growth in rural areas slightly exceeding the state growth rate. <br /> In 2016 several regions—Asheville, Burlington, Charlotte, Durham, Raleigh, and <br /> Wilmington—will have year-end unemployment (headline) rates under 5%. But the rates <br /> in Fayetteville and Rocky Mount will end the year near or above 7%. <br /> The Nation: Growth with a Twist in 2015 <br /> Gains in the national economy were strong enough in 2015 that the Federal Reserve made <br /> a turn in their monetary policy. Late in the year the Federal Reserve (the "Fed") announced the <br /> first increase in their key interest rate—the federal funds rate— since before the Great Recession. <br /> The Fed cited the strength in the economy and no signs of an impending new recession for their <br /> move. Analysts also think the Fed wants to moderate recent strong gains in asset markets — such <br /> as the stock market—in order to avert an asset bubble. Asset bubbles are often forerunners to a <br /> recession. <br /> 3 <br />