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current month as well as over the last year, indicates the housing market continues to be the major headwind <br />blocking faster economic growth in the state. <br />100 <br />95 <br />90 <br />85 <br />80 <br />75 <br />U Z m¢¢} Z J O d !- > U Z C9 ¢¢ Y Z J to W F- >° <br />W Q 1 0 0 0 U O W Q d Q >>> U O 0 Q W Q d Q O 7 O W V O W Q > U O p <br />N N N N N N N N N N N N N ry N N N N N N N N N N N N N N ,y N N N N N N N N N N <br />About the index and the author: <br />Language used in describing the index was taken directly from Dr. Walden's publication. The publication and archived <br />additions can be found at www.ag- econ.ncsu.edu /faculty/walden /walden.htm. <br />The Index is comprised of five components: a national level leading Index (www.businesscycle.com /resources), initial claims <br />for unemployment benefits in NC, building permits in NC, average weekly hours of work of all NC employees in <br />manufacturing, and average weekly earnings of all NC employees in manufacturing. All data are seasonally- adjusted and <br />modified for differences in prices levels where appropriate. Data are from the U.S. Bureau of Labor Statistics, the U.S. Census <br />Bureau, and ECRI. <br />The index was developed by Dr. Michael Walden ( michael waldenOncsu.edu at NC State. Dr. Walden has a PhD in economics <br />and over thirty years of experience studying the North Carolina economy. Special thanks to Dr. Walden for allowing the <br />reproduction of the index (January 2011, volume 2, number 1) in this publication. <br />Policy, Research & Strategic Planning; February MggffirR"bptnber 1 <br />1 -1 Page 259 <br />