UNC Wilmington economist: Election hurting job growth, economy
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WILMINGTON -- A UNC Wilmington economist says the election is doing more harm than good on the economic forefront.
Senior economist Doctor Woody Hall researched this topic for a presentation he did for the Osher Lifelong Learning Institute at UNCW.
Hall says the election could prolong the time it takes for people to find a job.
"Whenever there is an increased amount of uncertainty out there, or the appearance that uncertainty will not go away there is less willingness on part of the private sector to expand, there is less willingness to add employees," said Hall.
But officials with the Division of Workforce Solutions said while the haven't seen a drastic turnaround, things are looking up.
"We've seen some uptick in construction jobs, we've seen some increase in food processing, in retail, we have seen some uptick in that with seasonal type work," said Sherwood Southerland, regional manager for the Division of Workforce Solutions.
With North Carolina being a battleground state, Hall said we're seeing a short-term economic boost. He said a lot of people found jobs working on campaigns.
But he said the problem with that is after Election Day, they are out of work.
"It's private sector funding being spent, why is that private sector funding being spent now to support candidates versus maybe to finance expansion, to finance the creation of new jobs?" said Hall.
Hall said another issue is most candidates will postpone tax credit expiration dates and spending cuts which will cause major problems in the future.
"You have to deal with the same set of costs right now, plus additional costs because the deficit will have grown as will the national debt," said Hall.
Hall said at this point, no matter the outcome of the elections, predictions suggest only a two percent growth in output which is why employment officials said jobseekers need to win the employer's vote.
"We are really trying to stress to our customers, our job seeking customers things to do to increase their employability, to make them the best candidate," said Southerland.