November 4, 2009 Economist: RI unemployment to peak near 14 percent

(NECN/AP: Providence, R.I.) - An economist warns the unemployment rate in Rhode Island will keep growing before peaking at 13.8 percent next year.

Economist Andres Carbacho-Burgos of Moody's Economy.com made grim financial predictions Wednesday to a panel of state budget officials trying to estimate how much income the state government can expect. Gov. Don Carcieri must use those estimates when writing the state budget.

Carbacho-Burgos said that he expected the state's jobless rate will peak between April and June next year. But Rhode Island won't regain the number of jobs it had before the recession until late in 2013.

Rhode Island has typically lagged the region in economic growth, and the economist expected that trend will continue in the coming years.

(Copyright 2009 by The Associated Press. All Rights Reserved.)