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Triangle economy recovering faster than rest of state, Wells Fargo economists say

North Carolina's economy is recovering, but not at the rate that the state has become accustomed to following previous economic downturns.

That was one of the key points made by John Silvia, chief economist for Wells Fargo in Charlotte, during a conference call with reporters today.

Silvia and another Wells Fargo economist, Michael Brown, discussed North Carolina's recent economic performance and the outlook for 2012 and beyond.

"Yes, we have forward momentum, but just not at the pace we're used to and that we've become accustomed to," Silvia said.

Among the problems facing the state is that while economic output is growing, that increased output is not creating the same number of jobs that it has in the past. That is particularly the case in sectors such as manufacturing.

Silvia and Brown looked at the state economy as well as data from the metro areas of Charlotte, Raleigh, Greensboro and Asheville.

The Triangle is "improving far faster than any of the other metro areas across the state," Brown said.

Manpower survey points to weak hiring

There are signs the hiring freeze may be thawing, although many employers will remain reluctant to hire in the early months of 2011, according to the latest quarterly survey that staffing firm Manpower released this morning.

In the Raleigh-Cary area, 21 percent plan to hire during the first quarter, while 11 percent plan to reduce their payrolls. That's a net employment outlook of 10 percent, up from 4 percent a year ago.

Nationally, the Manpower survey showed a net employment outlook of 9 percent, up from 5 percent a year earlier.

"The fact that hiring expectations are trending upward is an encouraging sign," said Jonas Prising, Manpower president of the Americas, in a prepared statement. "This quarter's survey responses paint a picture of a job market that is easing up, although not as quickly as anyone would like."

Manpower sees modest hiring in Triangle

Local employers report a modest increase in hiring plans, according to the latest quarter survey by temp firm Manpower.

In the Raleigh-Cary area, 21 percent of the companies surveyed plan to hire during the fourth quarter, while 6 percent plan to cut their payrolls. That's a net employment outlook of 15 percent, a level that is the best in the nation, Manpower reports.

Nationally, 15 percent of employers plan to hire, while 7 percent plan to reduce their staffs.

The Triangle's job market, where the unemployment rate fell to 7.5 percent in July, continues to fare better than the state and nation. That's partly because of its solid foundations of education, health care and state government, even as those sectors see some layoffs and limited hiring. This region also benefits by its concentration of technology and biotechnology firms.

For this region, the latest outlook is a slight improvement from June's survey, when 19 percent of companies planned to increase their staff levels during the third quarter. Only 5 percent planned to cut jobs.

A year ago, 6 percent of companies planned fourth-quarter hiring, while 12 percent planned cuts.

Manpower surveys about 18,000 employers nationally. It doesn't disclose how many local employers it surveys. Read the full Manpower report on the Raleigh-Cary region here.

Manpower survey points to modest hiring gains locally

Local employers report a modest increase in hiring plans, according to the latest quarter survey by temp firm Manpower.

In the Raleigh-Cary area, 21 percent of the companies surveyed plan to hire during the fourth quarter, while 6 percent plan to cut their payrolls. That's a net employment outlook of 15 percent, a level that is the best in the nation, Manpower reports.

Nationally, 15 percent of employers plan to hire, while 7 percent plan to reduce their staffs.

More employers plan to hire, survey says

Triangle employers are growing slightly more optimistic about their hiring plans, according to a quarterly survey by staffing firm Manpower.

In the Raleigh-Cary area, 19 percent of companies surveyed plan to increase their staff levels during the third quarter, Manpower reported this morning. Only 5 percent plan to cut jobs.

Manpower survey points to modest hiring plans

More Triangle employers expect to hire during the second quarter, according to a quarterly survey by Manpower.

The survey released this morning shows that 18 percent of companies in the Raleigh-Cary area plan to add workers in the March-to-June period, while only 2 percent expect to cut jobs. In Durham, 17 percent expect to hire and 7 percent plan to reduce their payrolls.

Nationally, 16 percent of 18,000 companies surveyed by the temporary staffing firm expect to add workers, while 8 percent plan cuts.

Manpower survey points to moderate hiring in first quarter

A few more employers in the Triangle expect to resume modest hiring in the early months of 2010, according to a quarterly Manpower survey released today.

From January to March, 13 percent of the Raleigh-Cary companies interviewed by the staffing firm plan to hire more employees, while 9 percent expect to reduce their payrolls. That's a slight improvement from the previous quarter and a year earlier.

The figures mirror what Manpower found nationally, with about 12 percent of 28,000 employers expecting to increase their staffing levels during the first quarter, and 12 percent planning to cut more jobs.

A big problem is that there have been so many jobs lost and so many people looking for work, it will take years to get back to full employment, said Jonas Prising, president of Manpower in North America. Very few employers are rushing to hire until there are further signs the recovery will stick.

"The numbers are staggering," said Prising, who visited reporters and editors with The News & Observer on Tuesday. "It's going to take a long time to get back to where we were."

There were about 6.3 unemployed people, on average, for each job opening in October, the Labor Department reported Tuesday. That's up from 6.1 percent in September and 1.7 in December 2007, when the recession began. The number of jobless people rose to 15.7 million in October, up from 15 million.

Still, for the first time in six or seven months, Manpower is seeing some stabilization in the labor market, Prising said.

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