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The NC Unemployment Rate continues to rise; the latest data shows it at 11.1% for May 2009.  It seems that no matter how much we hear about “green shoots” things still remain very troubling.  This coupled with higher mortgage rates is very bad news for North Carolina.  The housing market in the two major cities in NC, Charlotte and Raleigh, have remained very strong during the downturn in the economy.  There is no way that this will remain true if there continues to be record levels of unemployment in the “Old North State.”

The current forecast for the future of unemployment in NC does not look much better.  The city of Charlotte is comprised of major banking and financial firms and we all know what has happened to them.  With Wells Fargo taking over Wachovia, many jobs have been cut or sent elsewhere.  The city of Raleigh is likely to stabilize with government and education jobs, but the rest of the state is likely to see some very troubling times.

Unfortunately, predictions are that the economy will continue to decline.  Retailers continue to see sales decrease and the mortgage industry is falling apart with increased foreclosure and mortgage rates rising.  With many mortgage rate predictions showing rates to hear even higher due to the 10 year treasury rate uptrend, we could be headed for a very bad economic period.

For those of you who fear your job is in jeopardy, I hope you have found a way to differentiate yourself from your coworkers.  Many individuals are getting more education or are finding ways to monetize themselves in ways they could never imagine.  The internet is an amazing thing and it may help you to find a way to make ends meet while the economy is in bad shape.