Ocean State Jobless to Suffer Through 2013

www.EmploymentCrossing.com Economists warn that Rhode Island will not fully recover from its unemployment slump until 2013. Two economists told a meeting of state budget officials that Rhode Island will not start gaining jobs until 2010 or 2011 and it could take five years for employment to approach the state's February 2007 peak. Mike Lynch of Global Insight, the world's largest economics organization, said Rhode Island could lose 22,000 to 23,000 jobs between when employment peaked and when the state hits bottom. He saw no signs of a recovery on the immediate horizon. Rhode Island had an unemployment rate of 8.8 percent in September, the highest in the nation. Budget officials will use these economic forecasts to estimate how much revenue the state government will get this year and how much it can spend.

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