Davis: "High unemployment will persist for a long time"
The annual Economic Forecast Forum was held in Raleigh Tuesday. Among the featured speakers was Walker College banking professor Dr. Harry Davis, who is also an economist with the N.C. Bankers Association. Davis spoke on "The National and State Economy." His powerpoint is posted online [PDF].
The overall tone of the Forum was one of pessimissm, as reported by the Raleigh News and Observer.
Economists are predicting a sluggish economic recovery for North Carolina and nation in 2012, toning down their forecasts after several years of overly optimistic predictions that widely missed their mark. ...
On the jobs picture: Harry Davis, an economist at Appalachian State University, said the state will add 40,000 jobs this year. "High unemployment will persist for a long time," Davis said. "Most economists think we'll live with it for quite some time."
On the state's economic growth: The state will not see the same level of growth as the nation because it still relies heavily on manufacturing, a weak sector. "Everything is moving in the right direction," Davis said. "It's just moving slower than we're used to."
About long-term unemployment: "After you've been unemployed for a year, you're just about unemployable," Davis said. Many unemployed people have the wrong skills for the jobs that are being created in technology and other fields, he said. The only way to change that is by re-training workers.
WUNC, a North Carolina Public Radio station, described the Forum as bringing "optimism," and has additional remarks by Davis.
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