Economists at Moody’s predict North Carolina jobs will fall by 1.6% in 2009. The steepest declines are anticipated in construction (down 9.3%), manufacturing (– 4.3%) and financial activities (– 2.9%).
There will be a few bright spots in the state’s job market, though. Moody’s forecasts modest job growth in education and health services (+ 1.5%) and government (+ 0.7%).
Moody’s predicts North Carolina unemployment will bottom out in the fourth quarter of 2009, beginning an upswing that lasts through 2012.
Warning: Employment lawsuits and wage-and-hour claims often spike during economic downturns. Employers that must lay off workers should use objective measures to determine who stays and who goes.
In cases of mass layoffs of 100 or more workers, employers must adhere to all Worker Adjustment and Retraining Notification (WARN) Act provisions, including giving 60 days’ notice to workers.
Also, the Older Workers Benefit Protection Act guarantees workers over age 40 rights when signing releases against future lawsuits. Consult with your attorney about such releases.