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New England Could Lose 250,000 Jobs, Forecast Says

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Nov 20, 2008 3:58 pm US/Eastern

New England Could Lose 250,000 Jobs, Forecast Says

BOSTON (AP) ― New England is sliding into a "significant recession" and is expected to lose a quarter-million jobs during the rest of the decade.

Economists at the New England Economic Partnership forecast Thursday that unemployment in the region would rise to its highest level since 1992, hitting more than 8 percent by mid-2010.

The 250,000 job loss is about 3.6 percent of the region's employment, which will decline for the rest of the decade and then flatten out through 2011.

 Read: Congress Votes To Extend Jobless Benefits 

NEEP releases its economic forecasts twice a year.

Unemployment Numbers In MA On The Rise

The Massachusetts unemployment rate rose to 5.5 percent in October as the state shed 7,000 jobs.

Preliminary estimates released Thursday by the Executive Office of Labor and Workforce Development show the rate rose from 5.3 percent in September. But it remained a percentage point below the national unemployment rate of 6.5 percent.

The state's unemployment rate averaged 4.9 percent through the first 10 months of the year, up from 4.5 percent in 2007.

Some Trades Hit Harder Than Others

The trade, transportation and utilities sector was the hardest hit in October, losing 2,700 jobs. Construction jobs were down 2,300.

The professional, scientific and business services sector gained 1,100 jobs, due to higher than expected gains in temporary help.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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