Economists with Indiana University’s Kelley School of Business state in their annual forecast that — although it’s not a “sure bet” — 2015 may be the best economic year the nation has seen since the Great Recession.
Between 2009 and 2012, the U.S. economy had been “stuck in a rut,” but in 2013 showed signs of forward movement, said Bill Witte, associate professor emeritus of economics at IU and part of a panel of economists who issued the report Thursday.
During the four of the past five quarters, the nation’s gross domestic product exceeded 3 percent, according to the panel. Additionally, U.S. labor market forecasts call for increases of 220,000 jobs per month throughout the year – plus the possibility that the nation’s unemployment rate could fall below 5.5 percent.
“We expect the coming year to produce a continuation of these positive trends. But this favorable outcome is far from a sure bet. The level of uncertainty in the current environment is high.”
— Bill Witte, IU associate professor emeritus of economics
Similar growth is expected for the Hoosier State, but at slightly lower rates. However, Indiana is expected to revisit peak levels of employment it saw before 2008.
“”Regaining the lost ground took longer than it should,” said Timothy Slaper, research director of the Indiana Business Research Center. “Initial employment gains weren’t brilliant; but by 2013, Indiana gained some 52,000 jobs in one year. Indiana hit that 52,000 mark by September of this year and is set to exceed our forecast for the year.”
For more details on the panel’s annual economic forecast, read here:
Leave a Reply