Bank economists see slow growth in NC economy

RALEIGH, NC (AP) -- A bank economist says North Carolina's economy is slowly recovering from the Great Recession.

Wells Fargo economist Jon Silvia says the recovery is not as fast as after previous economic slumps. Silvia and another Wells Fargo economist, Michael Brown, discussed North Carolina's economy during a conference call Tuesday.

They say while the economy is growing, it's not creating as many jobs as in the past.

Silvia says manufacturing companies are growing through increased production and better procedures, not by adding a lot of workers.

Brown says the Triangle area is doing better than other metropolitan areas around the state. Unemployment in the area is around eight percent, compared with the state average of nearly 10 percent.

The professional and business services sectors are creating the most jobs in Raleigh-Durham area.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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There is no broad "recovery" in the cards for the foreseeable future. We have not been witnessing a simple economic downturn for the past three years, what we are seeing is a cataclysmic audit/wake-up call in global economics....and what once was will be no more. America is permanently changing.

Europe and the United States have overspent, over-committed and are now facing the reality of that champagne diet on a beer budget. In our case, we are learning that we can't be the last remaining military superpower while supporting tens of millions of people who do absolutely nothing to contribute, but aren't shy in accepting trillions in entitlements.

S&P has announced that they may downgrade the debt of European banks that are heavily invested in Greece. How long before they follow through in downgrading the debt of United States Treasuries? There was a BRILLIANT report on NPR today about "business as usual in Washington," raw, unfettered partisan politics, in the face of the immense theat that is facing our nation.

In other words, Republicans and Democrats are fiddling while the US gets ready to burn. My bet is that we're incapable of breaking our spending addiction.

What's truly sad is that we knew this day was coming for decades. There has never been any doubt that Medicaid was a cash negative expenditure that was growing out of control and logarithmically, while Medicare and even Social Security were eventually destined to collapse under their own weight. (As well-intentioned as Medicare is, it's got to be the most nonsensical, idiotic program we have ever adopted.)

Light manufacturing is never returning to the United States until our "light manufacturers" are willing to accept wages to rival Sri Lanka or Lesotho. Those who are unemployed right now and not willing to accept service sector jobs or move will never work again unless they start their own business....and eventually that 99-week unemployment is going to end.

The party is OVER, people, and only a butt-kickin' hangover remains.

Unless you elect STATESMEN who have a thorough knowledge of economics and are willing to accept that YOUR ox may be gored in the cleanup, we are doomed to gradually sink into a mere shadow of our past glory.