North Carolina has logged no net job growth in the last 12 years, having fewer jobs at the end of 2011 than it did in December 1999, according to a report released today by the South by North Strategies research firm.

In that same period of time, the population grew by more than 21 percent.

The research firm, which specializes in economic and social policy, said in the report that the employment-to-population ratio is at its lowest level since 1976 as the state's growth outpaces the number of jobs it's bringing in.

All evidence points to a sluggish recovery in 2012, making it the fifth consecutive year of negative or minimal job growth in the state, said John Quinterno, and analyst for the firm, in the report.

If you don't like the pace of the state's economic recovery so far, get ready for more of the same for at least the next two years.

Michael Walden, an economic forecaster at N.C. State University, said the economy will continue its painful slog as long as households remain frugal and in a saving mode.

"We're not seeing a fast bounce-back," Walden said. "There's no one out there who's seeing 6 percent or 5 percent unemployment anytime soon."

Walden issued his twice-yearly economic forecast today. He said his projections match the lackluster economic forecasts of government economists at the Federal Reserve and private economists at Wells Fargo.