Thursday, December 10, 2009

Report: End of N.C. recession near

“The question now is, how strong and sustained will the recovery be?” asks UNC Charlotte economist John Connaughton.

Today, he released his quarterly economic forecast for the state.

Click here to read the full report.

Connaughton gives a quick snapshot in a press release:

- “On the positive side, consumer confidence is rising, although still at very low levels, and the index of leading indicators has increased in each of the last three months. In addition, interest rates remain low and the Federal stimulus package is beginning to come online."

- “However, the banking sector – which is critical to recovery – remains troubled,” he continued. “Today, the banking system is still holding more than $700 billion in excess reserves, and this is money that is not being lent to facilitate the recovery.”

Connaughton is a professor of economics in the Belk College of Business at UNC Charlotte. He has served as director of the Economic Forecast since 1981.

- Doug Miller

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