North Carolina lost jobs at a record pace last month, pushing unemployment to a 25-year high as the outlook for the state darkened amid a deepening recession.
Employers slashed 46,000 jobs in November, more than in any state except Florida, according to data released Friday by the U.S. Bureau of Labor Statistics.
Those job cuts pushed the unemployment rate to 7.9 percent from 7.1 percent in October, according to figures from the N.C. Employment Security Commission. The jobless rate is now the highest since October 1983.
Experts project double-digit unemployment in the Carolinas next year.
Factor in startup companies and the self-employed, and total employment in North Carolina dipped by 58,621 – the biggest monthly decline in records dating to January 1976.
“These are shocking numbers,” said Mike Walden, an economist at N.C. State University who has written extensively about the state’s economy. “In case anyone missed it, this really tells us the recession is here in full force. … This was just shocking.”
This is just the beginning. Some have said they expect a turnaround in late Spring 2009 for North Carolina, but I don't see that happening. It will be more like a Summer of 2010 turnaround ... if we get lucky. We are in a better position for a recovery than other areas of the country, who will most likely not see a turnaround until at least 2011 ... it will be a rough 2 years for everyone.
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