Barings/UNC Charlotte Economic Forecast – December 11, 2019

Barings/UNC Charlotte Economic Forecast – December 11, 2019


2019 has been an interesting year – started
off pretty well I mean the first quarter was about 2.6 percent growth but it’s
been kind of slowing down since then overall I think 2.2 percent for the year
on GDP growth the good news is despite the GDP growth being better than it’s
been in the last few years but not as good as we really like it to be but
still in 2019 we’re going to create over a hundred thousand jobs — 107,000 be
exact and that’s a really good job creation here for the state it’ll mean
that we end the year with about 3.9 percent rate of unemployment
and anytime you’re below four percent it’s good economically. 2020 the growth rate
will be a little bit slower and it will taper off as the year goes on so
overall about two percent GDP growth in 2020 First half of the year will be a little
above 2% second half of the year be a little below 2% but again and the good
news again is that we will create over a hundred thousand new jobs in 2020. This
will be the first two years in a row that we’ve exceeded a hundred thousand
jobs since this expansion began in 2010 so despite the fact that we’re at the
tail end of the recession – the expansion despite the fact that we’ve
been in it for ten years and then next year eleven years the job growth numbers
are still pretty solid and you know that’ll mean that by the end of
2020 the unemployment rate in the state should be right at about 3.8 percent
which by anybody’s definition is full employment and a rather healthy
employment level our unemployment level for most residents of the state

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