“Importing Unemployment”

Interesting report by WFAE's Julie Rose on NPR's "Money Maps" series (link here ). She reported on Charlotte's unemployment rate is up to 10.2%, which is a slightly higher figure than I have heard. She talked to Wachovia economist Mark Vitner, who she said used the term "importing unemployment."

 

Apparently, the word is still out there that Charlotte is a booming city with lots of jobs (Rose joked that there must be a lot of old copies of Money and Fortune magazines laying around doctors' offices). So jobless folks are moving here, until to find more tough sledding. Vitner also pointed out that we'll likely lose more manufacturing jobs than financial services jobs, and that other industries like Nascar are cutting workers as well.

Side note: We profiled Rose as part of our "impact newcomers" story in the March issue. Read the story here. We also talked to Vitner as part of our July 08 "What Goes Up Must Come Down" package, on the state of the banking industry. At the time, Vitner was a little more bullish on Charlotte, mainly because those non-financial services industries were still holding up.