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January 30, 2009

The recession in North Carolina

The economic numbers for the ongoing national recession seem to be getting worse. Do we see the same bleak picture here in North Carolina?

Dr. Mike Walden, North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, responds:

"The unemployment rate in North Carolina soared at the end of last year, so, yes, the picture has gotten bleaker. But if it's any consolation, it could be worse because so far North Carolina is actually faring better in the current recession than it did in the recession earlier this decade. For example, compared to the nation, so far in this recession, we have lost 50 percent more jobs. But in the 2001-2003 recession, our job loss compared to the nation was 130 percent greater, and percentagewise, our manufacturing job losses have been about half as great as they were, again, in the last recession. And one final statistic: right now we have the seventh highest unemployment rate in the nation. But in 2001 we had the fourth highest unemployment rate. So I guess you can always look at bright sides and dim sides of any item. Certainly, this recession is challenging and troubling, but if there is a bright side, it is that is could be worse."

Posted by Dave at January 30, 2009 08:00 AM