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Bank economists see slow growth in NC economy

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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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