CHARLOTTE, N.C. — A regional economist and professor at UNC-Charlotte says the worst of the recession is behind us.
But despite the rosier outlook, John Connaughton says there could be a few more bumps before things turn around.
“This thing is about to end, and the worst is probably behind us,” Connaughton said Tuesday afternoon while presenting his economic forecast.
He says the recession should end by June but it won’t be painless.
“We’re still going to see some lousy job numbers through all of 2009. We have to accept that. But we think the worst will be over very, very soon,” Connaughton said.
He predicts 40,000 more jobs will be lost in North Carolina, many in the financial sector, and an unemployment rate topping out at 11 percent by the end of the year in the Tar Heel state.
He blames that number in part on North Carolina’s appeal.
“Our labor force is growing while we are losing jobs,” Connaughton said.
So what’s it going to take to speed the recovery along? He says consumers and banks both need to start spending.
“When these things turn around the road to recovery begins,” he said.
And, Connaughton says, once the recovery begins, he expects 2010 to be a very good year.
For Connaughton’s full economic forecast, visit http://www.belkcollege.uncc.edu/default.asp?id=111.
