29 January 2009

Analysis: Up to 77,000 West Virginians Out of Work by 2010

"The Mountain State’s unemployment rate will soar to between 8.7 percent and 9.5 percent by the final three months of 2009," The Associated Press reports, citing an analysis by Moody’s Economy.com.

Such rates have not been seen in West Virginia since the early1990s, and would be double what the state saw during that time period last year, AP reports.

West Virginia counted 39,000 unemployed residents last month, and a seasonally adjusted unemployment rate of 4.9 percent.

"
The forecast released this week predicts possible double-digit unemployment for 10 states, including neighboring Ohio and Kentucky," the article said. "It also sees the national rate nearing 9 percent, or nearly 5 million people, by the end of 2010. The U.S. rate hit 7.2 percent in December."

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