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MOODY'S: RI's Unemployment Rate Will Peak at 13.8%

Chris Boardman

Story Created: Nov 4, 2009 at 12:12 PM EDT

Story Updated: Nov 4, 2009 at 12:12 PM EDT

PROVIDENCE, R.I. (AP) - An economist warns the unemployment rate in Rhode Island will keep growing before peaking at 13.8 percent next year.

Economist Andres Carbacho-Burgos of Moody's Economy.com made grim financial predictions Wednesday to a panel of state budget officials trying to estimate how much income the state government can expect. Gov. Don Carcieri must use those estimates when writing the state budget.

Carbacho-Burgos said that he expected the state's jobless rate
will peak between April and June next year. But Rhode Island won't regain the number of jobs it had before the recession until late in 2013.

He expects Rhode Island will recover more slowly than the rest
of the country.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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Friday, Nov 6 at 2:43 PM Anonymous wrote ...

In the long term what we must do as Americans is buy American. Eventually, if everyone makes a conscious effort to buy major items like cars, stoves, (big ticket items) etc... the tide will eventually shift in our favor. With the new IRS laws, those businessmen that sold our manufacturing over to China will get caught because they are most likely hiding money. It will take a long time to get American factories running again - with that then there will be jobs.

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Wednesday, Nov 4 at 2:31 PM dave25.2007 wrote ...

We must encourage businesses to come and to stay in R.I.. Inorder to have manufacturinging and supporting business which will encourage and grow jobs,we must have zero to low business tax incentives with a tax cap to the exisitng and new American emerging industries such as the alternative fuel industry , Wind, Solar and Cell Power waiting in the wings for an invitation from our local Government. Why not be ahead of the pack on this ! Dave Junkins, Cumberland

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Wednesday, Nov 4 at 2:27 PM wakeup wrote ...

What do people think ? we gave up ! we let them(U.S Gov.) send our jobs to China and south America, Please wake up people theres no new jobs around the corner....Stop buying Foreign goods and some day jobs might return back to the U.S..........

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Wednesday, Nov 4 at 1:53 PM Kenn66 wrote ...

There's no manufactuaring in the US any more and what we still do make is on a lot smaller scale,u know ma&pa operations.If we're not makeing anything there's no jobs,nojobs no money to spend.Thank you NAFTA. And I know the unemployment is way more than 14%

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Wednesday, Nov 4 at 1:10 PM Joe66 wrote ...

The recover in RI will take longer because the Unions have a strangle hold on the economy and the GA with help from the union cronies have created an unfriendly buisness atmosphere. You can be a friend to the working man and an enemy to his boss.... Outlaw unions!

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Wednesday, Nov 4 at 12:55 PM Unreal wrote ...

Unfortunately, we live in a society that thinks it's okay for corporate CEOs to to keep cutting into the wound rather than closing it. If most of the CEOs in the Fortune 500 sacrificed a couple of million dollars of salary and invested that into jobs we would see a speedy turn around.

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Wednesday, Nov 4 at 12:43 PM Anonymous wrote ...

first rule of any trauma: stop the bleeding.

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