Walden NC economic index at lowest level in more than two years

Here's more proof that the state's economy has slowed considerably over the past few months:

North Carolina economic indicators for the rest of the year are now at their lowest point in more than two years.

The index of leading economic indicators, compiled by N.C. State University economist Michael Walden, shows that three of five measures declined.

The economic forecast for the next four to six months dropped by 1.4 percent in September and our now slightly below where it was a year ago.

The Walden Index measures initial claims for unemployment benefits, building permits, average weekly hours of manufacturing work, average weekly earnings in manufacturing, and the Economic Cycle Research Institute's Weekly Leading Index.

Only manufacturing weekly earnings increased in September.

The index is still well above its most recent low point, reached in the spring of 2009. Walden also notes that the state's index fell about half as month as a comparable national index.

"While not necessarily flashing a recessionary warning, the Index does suggest a continued challenging economy with modest improvement -- at best -- in the outlook," Walden wrote in the report.