Economists: More financial problems in S.C. next year

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Economists: More financial problems in S.C. next year

Story Published: Dec 3, 2008 at 3:39 PM EDT

Story Updated: Dec 3, 2008 at 7:36 PM EDT

COLUMBIA, S.C. (AP) - Economists say the new year will continue
to bring South Carolina bleak financial news.

Experts who gathered in Columbia on Wednesday are forecasting
the state will lose 22,000 jobs next year. The unemployment rate
hit a 25-year high of 8 percent in October and economists say it
will reach 8.6 percent in 2009.

Construction and manufacturing jobs are still in danger and
researchers say improvements won't be seen until the middle of the
year.

Meanwhile, the state's spending and tax laws also are being
criticized.

University of South Carolina economist Doug Woodward says South
Carolina has one of the nation's worst budget problems. Since July,
economists have slashed more than $700 million from the revenue
projections for a $7 billion state budget.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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