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RI unemployment expected to peak at 14%
Economist says job recovery will take until 2013
Updated: Wednesday, 04 Nov 2009, 1:46 PM EST
Published : Wednesday, 04 Nov 2009, 10:57 AM EST
PROVIDENCE, R.I. (AP/WPRI) - An economist is warning that the unemployment rate in Rhode Island will keep growing before peaking at 13.8 percent next year.
The rate reached 13 percent for Setember, the highest it's been since the mid-1970s.
Economist Andres Carbacho-Burgos of Moody's Economy.com made the grim financial predictions Wednesday to a panel of state budget officials.
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Officials are trying to estimate how much income the state government can expect. Governor Don Carcieri uses those estimates when writing the state budget.
Carbacho-Burgos says that he expects the state's jobless rate will peak between April and June of next year. But he added that Rhode Island won't regain the number of jobs it had before the recession until late 2013.
He expects Rhode Island will recover more slowly than the rest of the country.
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