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Indiana, Indy stage small employment gains

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Indiana and the Indianapolis area eked out a few more jobs in July, government figures released Friday show.

The Indiana Department of Workforce Development reported that the state added 8,700 jobs from June and 47,600 from July 2009—increases of 0.3 percent and 1.7 percent, respectively.

Still, the state’s unemployment rate increased by a sliver to 10.2 percent, its fourth straight month in double digits.

The number of unemployed Hoosiers decreased from 321,002 in June to 319,406 in July.

The department noted Indiana seasonally adjusted employment has grown 2.4 percent this year, four times faster than the U.S. rate.

The U.S. Department of Labor said Friday that only Alaska posted a greater year-over-year percentage increase in employment, 1.9 percent. Indiana also added the second-greatest number of jobs during the 12 months, following Texas.

July’s gain means the state has recovered about a third of the jobs lost during the recession and its aftermath.

While meager, the gains nonetheless are additional evidence the state is unlikely to slide back into recession anytime soon.

On Thursday, Indiana University said its Leading Index for Indiana, which uses a different set of statistics to predict economic activity several months in the future, staged a slight uptick in July following two months of decline.

The university’s Indiana Business Research Center had been watching to see if the index would retreat for a third month in a row; had the index slipped in July, center researchers would have started drilling deeper into the data to see whether another recession was on the way.

Job numbers climbed broadly in July over June. The tiny category of information and an omnibus grab bag of industries called “other services” suffered reversals, as did business and professional services, which includes temporary workers.

Temp workers are watched closely to determine if companies are still playing it safe by not hiring permanent workers. The category saw a big upswing from a year earlier, to nearly 80,000; however, the government does not adjust the figure for seasonal fluctuations, so it’s difficult to judge the significance of a decline of 300 workers from June.

In the Indianapolis metro area, the non-seasonally adjusted jobless rate was 9.2 percent in July, up from 8.6 percent in July 2009. Figures for the metro level are not seasonally adjusted.

Most industries in the Indianapolis-Carmel metropolitan statistical area added jobs.

Comparing July with July 2009, Indianapolis saw employment droop 11 percent in construction, a large category that tends to pay its workers relatively well.
As was the case at the state level, temporary worker employment shot up.

Manufacturing, transportation and warehousing stood even with a year earlier.

Leisure and hospitality shed workers, as did manufacturing of non-durable goods—products designed to be consumed within three years. Eli Lilly and Co.’s ongoing layoffs might have contributed to the decline in non-durable manufacturing.

Government continued adding employment, a long-term trend in the metro area as expanding suburbs hire teachers, and firefighters and other public servants.
 

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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