financial and economy : Vermont's recession is nearly over,
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state economist Jeffrey Carr said Monday. ... Carr, vice president of Economic & Policy Resources in Williston, serves as the state's official economist and is responsible for twice-yearly updates on the health of the economy. His latest update predicts the state will see job growth some time after the start of the new year. The growth, however, will come slowly. All of the state's major economic indicators will see "significantly slower rates of growth" over the next five years than Carr had forecast back in May. Job growth will be a full percentage point lower next year than Carr forecast in the spring: Instead of seeing a 1.6 percent increase in the number of jobs, the state will see an increase of 0.5 percent. Growth rates in the gross state product and income also will be slower, Carr said. The slower recovery means it will take until the middle of 2004 to return to the employment levels -- 252,200 -- at the start of this downturn in January of 2001.
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