Economist: New England To Lose 400K Jobs
New England is expected to lose 400,000 jobs by the end of the second half of 2010, but the unemployment rate in the region is expected to peak below the national average, according to a University of New Hampshire economist.
Ross Gittell released his spring 2009 regional economic forecast at the quarterly New England Economic Partnership meeting held today at the Federal Reserve Bank of Boston.
"The region's unemployment rate is expected to remain below the national average throughout the forecast period, mainly due to a relatively slow-growing population and labor force and the relatively high level of educational attainment in the region," Gittell said.
In Massachusetts, economists are predicting the Bay State will exit the recession after the nation as a whole. Massachusetts unemployment is expected to peak at 9.5 percent during the third quarter of 2010. Employment is expected to bounce back to 2008 levels by 2013, with the strongest growth in the medical, education and information sectors.
Gittell said the national economy will continue to dominate the regional economy, causing a slow and weak recovery from the recession. He expected unemployment in the region to peak at 9.4 percent in the third quarter of 2010.
Health and education services are expected to continue to be the backbone of the New England economy while other leading sectors include professional and business services, leisure and hospitality, trade, transportation and utilities and high technology.
Gittell does not expect the area can rely on the "green economy" as "the next big single growth engine," but it is an area of "significant opportunity."
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