N.C. jobless rate of 13% forecast

BY JONATHAN B. COX – STAFF WRITER
Published: Tue, Jul. 07, 2009 02:00AMModified Tue, Jul. 07, 2009

RALEIGH — Mike Walden, an economist at N.C. State University, predicts North Carolina unemployment will peak at 13 percent in the first quarter of 2010, according to a forecast released Monday.

It will fall through the rest of the year at a faster clip than the nation overall and match the national unemployment rate of 10.3 percent by the end of 2010, Walden wrote. He expects the highest rates in early 2010 in Charlotte and the Triad. The Triangle will have the lowest peak rate.

BB&T to sell stock, repay TARP money

By SARA LEPRO
AP Business Writer
Posted: Monday, May. 11, 2009

NEW YORK Three banks that have received a clean bill of health from the government have announced plans to raise capital to help repay government funds received last fall.

U.S. Bancorp, Capital One Financial Corp. and BB&T Corp. have all announced common stock offerings, proceeds of which will be used, subject to approval, to help repay preferred stock investments the government made as part of the U.S. Treasury’s TARP Capital Purchase Plan.

http://www.charlotteobserver.com/business/story/717796.html

Triad housing market continues to feel economy’s chill

By Fran Daniel | Journal Reporter

Published: May 2, 2009

Sales of existing homes across the Triad dropped 33 percent in March.

The number of sales fell to 742 from 1,107 in March 2008, according to the N.C. Association of Realtors.

The average sales price fell 11 percent to $151,250 for the same period.

On the upside of the report, sales of existing homes improved month-over-month, with the 11-county Triad area reporting a sales increase of 20 percent in March 2009, up from 618 sales in February.

In North Carolina, overall sales mirrored results in the Triad. The number of existing-home sales were down 29 percent in March at 6,054, compared with 8,519 in March 2008. The average sales price fell 8 percent to $195,331.

http://www2.journalnow.com/content/2009/may/02/triad-housing-market-continues-to-feel-economys-ch/business-area/

Number not what is seems; small rise in N.C.’s jobless rate comes with a caveat, experts say

By Richard Craver | Journal Reporter

Published: April 18, 2009

The slight increase in the North Carolina’s unemployment rate to 10.8 percent in March may appear a welcome breather given that the rate has doubled in the past year.

However, economists cautioned yesterday that the state . likely hasn’t seen a peak in its unemployment rate, and that the 0.1 percentage-point increase was likely caused by nearly 31,000 people no longer being considered as unemployed.

The increase — reported yesterday by the N.C. Employment Security Commission — continued the streak of setting a new monthly high for the unemployment rate. The commission said that unemployment rates before 1976 were not seasonally adjusted, so it is not comparable to data published in the past 33 years.

When it comes to determining the rate, the commission primarily counts people who are without a job and actively looking for work. For example, the state has had a near doubling of people considered as unemployed in the past year to 492,512 — just a 2,417 increase in March.

http://www2.journalnow.com/content/2009/apr/18/number-not-what-is-seems/news-ncpolitics/

Duke: Obama plan would bring higher rates

Climate change-related auction of credits will be ‘carbon tax’ passed on to consumers, Rogers says.

By Bruce Henderson
bhenderson@charlotteobserver.com

Posted: Tuesday, Mar. 03, 2009

Duke Energy says Carolinas electricity rates would rise by at least 13 percent under President Obama’s plan to address climate change by auctioning off carbon credits.

Obama would set the nation’s first limits on emissions of carbon dioxide, the gas linked to global warming. Under an approach outlined in his proposed budget last week, industries and utilities such as Duke would be able to trade allowances to release the gas.

http://www.charlotteobserver.com/business/story/572553.html

Winston-Salem offers lure to leave

Eligible workers can get $20,000 incentive to retire by Aug. 31

By Laura Graff | Journal Reporter

Published: February 27, 2009

Updated: 01:50 am

Winston-Salem officials, in an effort to save money on salaries and benefits, have offered certain city employees a $20,000 cash incentive to retire by Aug. 31.

The one-time payment is available only to employees who are eligible for full retirement benefits. At least 100 of the city’s employees are eligible, said Martha Wheelock, the assistant city manager.

http://www2.journalnow.com/content/2009/feb/27/270150/city-offers-lure-to-leave/news-local/

Foxx: No to MOre Spending

Congresswoman Virginia Foxx today voted in opposition to a massive spending bill that once again increases federal government spending at a time of record budget deficits. “The federal budget is growing by 8.3 percent, while family budgets are shrinking,” Foxx said in a news release. “At a time when Americans are tightening their belts, Washington is on a reckless spending spree. This is irresponsible.” When the spending legislation passed before the end of 2008 is factored in, federal discretionary spending will reach $1.01 trillion for 2009. This is the first time in U.S. history that the federal discretionary budget has passed the $1 trillion mark. Additionally, federal agencies lucky enough to get money from both this spending legislation and the recently-enacted stimulus bill are about to see their funding jump by 80 percent—nearly doubling some agencies’ budgets in a single year. In a related vote today Foxx voted in favor of legislation that would help to clean up the Congressional earmark system. The legislation would be a first step towards requiring members of Congress to list campaign contributions that serve as a financial interest in lawmakers’ earmark requests. posted by Newsroom # 1:04 PM

http://12403wc.blogspot.com/2009/02/foxx-no-to-more-spending.html

Treasury’s stress test still a mystery

 

By Christina Rexrode
crexrode@charlotteobserver.com

Posted: Tuesday, Feb. 24, 2009

The Treasury Department has hinged a big part of its plans for the banking industry on a so-called stress test, but has revealed almost nothing about what the test might entail.

The government’s latest lifeline for major banks, announced Monday, has one main qualification: A bank has to essentially fail the stress test, which is meant to determine if it could survive a worse-than-expected decline in the economy.

http://www.charlotteobserver.com/business/story/556969.html

Yadkin jobless rate rising

4 days ago | 176 views | 0  | 2  |  | 

By Leanne Cloudman

Staff Reporter

Lcloudman@yadkinripple.com

If you’re looking for work, you are not alone. 

According to the North Carolina Employment Security Commission, 1,566 people are reportedly collecting unemployment benefits and seeking new employment in this area. 

Those numbers are from Dec. 2008. Steve Hodge, ESC Branch Office Supervisor in Yadkin County expects those numbers to increase on Friday.

http://www.yadkinripple.com/pages/full_story?page_label=news&id=1965703-Yadkin-jobless-rate-rising&article-Yadkin-jobless-rate-rising%20=&widget=push&instance=secondary_stories_left_column&open=&