Posted: 6:37 pm EST December 1, 2010
WYOMISSING, Pa. -- With one month left to go in 2010, economists have their sights on the new year and what we can anticipate as far as job growth and overall economic growth. Jay Bryson, a global economist for Wells Fargo Securities, spoke Wednesday morning at the Greater Reading Chamber of Commerce's annual economic forecast breakfast. This year's breakfast was called the U.S. Economic Outlook in 2011-- Double Dip or Smooth Sailing Ahead? "We don't see a double dip recession, we don't think that 2011 is quote, a normal year," said Jay Bryson. "I think it's going to be like 2010, the economy is growing. It's growing at a relatively slow pace. What that means is the unemployment rate comes down, but it's probably not going to come down significantly anytime soon." Bryson said that overall, a gradual recovery has taken hold. "I think the stimulus was oversold in the sense that people said it was going to keep the unemployment rate below 8 percent it was going to be the magic bullet to turn the economy around," he said. Bryson said the U.S. economy will probably continue to limp along for awhile. He adds the economic outlook for Reading isn't rosy. "The outlook in this area is a little tough in the near future," said Bryson. "When you look at Central Pennsylvania almost 20 percent of the workforce here is engaged in manufacturing and manufacturing has been on a long-term secular decline in terms of employment." The unemployment rate in our area matches the national rate at 9.6 percent. He says the service sector will likely be the driver of employment growth in the years ahead. Copyright 2010 WFMZ. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
No comments:
Post a Comment