(RALEIGH) -- As the political finger pointing has started after the release of the latest North Carolina jobless figures, a leading North Carolina economist said don't blame state budget cuts for all of the job losses in government. The State Employment Security Commission said on Friday the the statewide unemployment rate climbed to 10.1 percent.

NC State University economist Mike Walden said most of the job losses were on the local level, which depends on a mix of revenues, both state and local.  "I think local governments are the level in North Carolina that's really under stress and I think it's based on where they get their revenues, not just state but also local real estate revenues and, of course, the real estate market in most parts of North Carolina has been extremely weak," said Walden.

Walden added that all of the blame for cuts at the local level cannot be placed on state cutbacks.  He said the soft real estate market has impacted property taxes, a key source of income for local and state governments.