Friday, October 28, 2011

We're number one! (in killing jobs)

The austerity budget of North Carolina's Republican-led General Assembly continues to kill jobs. The Bureau of Labor Statistics reported today that on a seasonally-adjusted basis North Carolina's unemployment rate rose in September to 10.5 percent and its nonfarm payroll employment fell by 22,200 jobs. North Carolina had the dubious distinction of leading the nation in job losses.

In March of this year, unemployment was at 9.7 percent, and there were 3.890 million jobs in the state. Through September, three months into the Republicans' fiscal-year 2012 budget, unemployment has now climbed to 10.5 percent, while nonfarm payroll employment has dropped to 3.863 million jobs.

North Carolina continues to underperform relative to the rest of the county. In September, the national unemployment rate was 9.1 percent, and the country added just over 100,000 jobs. Since March, the country has added nearly 600,000 jobs. National job growth hasn't been spectacular, but there has been steady job growth for more than a year. In contrast, North Carolina's job situation has deteriorated.


Anonymous said...

I claim no educational achievement in economics. But there is no explanation as to why government budget austerity kills jobs. I know that regulations kill jobs. Here is where regulation threatens to kill a project.

Dave Ribar said...

Of the 27,000 jobs that were lost in the state, 21,000 were government positions that were cut. The reductions in demand from the loss of government spending is also a drag on the economy.

Where's the evidence of a "threat to kill a project." The story describes a project that just got a key land use approval (unanimously by the way). If the ordinance was so threatening, why even go forward with this costly step?

The developer is pulling out an old negotiating ploy to try to wrest a variance from the city of Statesville.