North Carolina: Tough Economic Times Still Ahead

North Carolina expects a worsening economy and unemployment could hit 13 percent in the Charlotte area by 2010.  Charlotte has been hit particulary hard due to its economy being based mostly in the banking,vehicle parts,and real estate industries. Other areas of the state such as the Research Triangle will peak at 9.1 percent later this year. Those predictions are made by several economists, but none of them voiced earlier predicitons of the high already reached.

The Wall Street Journal published the unemployment rates from the Bureau of Labor  through June 22nd and states are compared to the Nations average. Below, N.C. is pictured showing a loss in jobs at 11.1 compared to the national average of 9.4 in June.

Interesting views on the economy come from the Financial Post at Canada.com. They report that with job losses "heating up" and the talk of a second stimulus bill, Americans are becoming more jittery causing the economy to slow down its recovery. Also cited was the error of Obama's first stimulus that put money into the hands of consumers and businesses that held onto the money instead of spending it as hoped. In reference to Obama's Health Care plans and foreign policies goals: 

 They’re trying to solve too many problems at once, which is creating a lot of uncertainty,” said Brian Bethune, chief U.S. financial economist IHS Global Insight. “I don’t see how another stimulus package would really do anything unless there’s clarity on what businesses and households will be facing beyond this year.

All in all the take of most economists is that the recession is showing signs of leveling, but the increasing pain of unemployment for Americans will reverberate into the next year and a half.