Many economists say the current recession will go down as the worst since the Great Depression in the 1930's. As of July, close to 500,000 North Carolinians are unemployed and the state's unemployment rate is at 11.1%.
A new economic report says the unemployment rate is expected to continue to rise until 2010, with some predicting the rate could reach 13%.
"Unemployment rates are already that high - or higher -in some of the rural counties of North Carolina," said Andrew Brod, an Economists at UNCG. "In some of the counties out in eastern North Carolina, rural counties, you're seeing unemployment rates of 17, 18% already. And they're probably going to get worse."
"This recession is probably going to end later this year. We won't know for sure that's our best guess - probably later this year. And, yet, we're going to see high unemployment rates for another year or so after that. It's just the nature of recovery."
While many have lost local jobs, the harsh reality is many of the positions lost in the last three years will never return. The cuts at Thomasville and Stanley Furniture in Davidson County, Klaussner Furniture in Asheboro, Hanesbrands in Eden and Goldtoe in Burlington are likely permanent.
Experts say if you're looking for an indicator as to when the jobs will return, look at when tax receipts by the government begin to increase and when the average number of hours worked each week increase. These are signs that companies are likely to hire again.
A new economic report says the unemployment rate is expected to continue to rise until 2010, with some predicting the rate could reach 13%.
"Unemployment rates are already that high - or higher -in some of the rural counties of North Carolina," said Andrew Brod, an Economists at UNCG. "In some of the counties out in eastern North Carolina, rural counties, you're seeing unemployment rates of 17, 18% already. And they're probably going to get worse."
"This recession is probably going to end later this year. We won't know for sure that's our best guess - probably later this year. And, yet, we're going to see high unemployment rates for another year or so after that. It's just the nature of recovery."
While many have lost local jobs, the harsh reality is many of the positions lost in the last three years will never return. The cuts at Thomasville and Stanley Furniture in Davidson County, Klaussner Furniture in Asheboro, Hanesbrands in Eden and Goldtoe in Burlington are likely permanent.
Experts say if you're looking for an indicator as to when the jobs will return, look at when tax receipts by the government begin to increase and when the average number of hours worked each week increase. These are signs that companies are likely to hire again.
