Slow growth and slow recovery continue to be the key words for economists predicting Vermont's economic fortunes over the next five years.
The latest forecast from the New England Economic Partnership actually reflects a slight downgrade from six months ago, due in part to concerns about fiscal cliff, the debt crisis and Europe's weak economy.
Among the predictions: progress will remain at a historically slow pace in the short term, with another 9-12 month delay before the recovery really takes hold.
Job growth is expected to be historically slow, averaging only 1.3 percent per year over the next five years. That would mean it will be late in 2014 before the number of jobs in Vermont is back to the pre-recession level.
Vermont economist Jeff Carr says if we get through the looming fiscal cliff, the economy should be positioned to return to normal performance.
"The fiscal cliff is already having an effect. People aren't hiring people. They're not making investments. And the issue is can we navigate through this period where the economy is still weak and do what we need to do to make a credible reduction in federal budget deficit without harming the performance of the economy," said Carr of Economic & Policy Resources.
Wednesday, April 16 2014 12:34 PM EDT2014-04-16 16:34:35 GMT
It looks like our region escaped any major flooding resulting from Tuesday's heavy rains. There were localized areas of high water and damage, like a road washout on Mud Hollow Road in Kirby. Water remainsMore >>
It looks like our region escaped any major flooding resulting from Tuesday's heavy rains.More >>
Wednesday, April 16 2014 10:58 AM EDT2014-04-16 14:58:11 GMT
Teamwork between a Montgomery farmer and a corporal with the Franklin Country sheriff's department may have saved a life when they pulled off a daring rescue. A woman became trapped in her truck tryingMore >>
A Montgomery farmer and a sheriff's deputy joined forces for a daring rescue to help a woman who got trapped in her truck by rising floodwaters.More >>
Wednesday, April 16 2014 12:02 PM EDT2014-04-16 16:02:05 GMT
The floods forced Gov. Andrew Cuomo to declare a state of emergency in New York. The governor made the declaration Tuesday night. It covers six counties in northeastern of New York, including two inMore >>
The floods forced Gov. Andrew Cuomo to declare a state of emergency in New York.More >>
Wednesday, April 16 2014 11:08 AM EDT2014-04-16 15:08:35 GMT
If you thought the weather Tuesday really stunk, you weren't alone. Apparently all the rain and the rushing rivers were too much for even a beaver. WCAX Producer Diane Landry caught video Tuesday in MiltonMore >>
Apparently all the rain and the rushing rivers in our region Tuesday were too much for even a beaver.More >>
Wednesday, April 16 2014 12:09 PM EDT2014-04-16 16:09:50 GMT
If you think this spring has been filled with strange weather-- cold, then hot, then flooding, then snow-- well, we have a reminder that fluctuating weather is not all that unusual in Vermont. SheldonMore >>
If you think this spring has been filled with strange weather-- cold, then hot, then flooding, then snow-- well, we have a reminder that fluctuating weather is not all that unusual in Vermont.More >>