Jobless rate hurting small businesses

Oliphant pointed to growth in energy-related industries throughout the region and the "trickle down" effect on other sectors of local economies to explain some of the region's growth.

"We all have our turn," he said. "We've also been the weakest at times."

Looking ahead, Oliphant said he expects slowing — a modest rise in the jobless rate and moderate job creation.

"I'd predict that in the first quarter of 2007, unemployment will probably be more in the 3 percent range — which is still extremely low," Oliphant said. "The 3 percent range is probably a range that workers and employers can live with a little better. It's high enough that employers can find skilled workers, but low enough that workers can find jobs."

Then again, Oliphant laughed, "In the game of unemployment, anything goes. We may be surprised in coming months to see the low unemployment rate stay."

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