Why the recovery seems so lackluster

July 14, 2010
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If the recovery from the recession seems anemic, a new analysis from the Federal Reserve Bank of Chicago explains why.

The recession was so deep and lasted so long that it’s taking seemingly forever for jobs to come back. The pace of job recovery is on a similar trajectory to recent recessions, but the hole is really deep.

Temporary employment is way up across the fed district that includes all or parts of Illinois, Indiana, Iowa, Michigan and Wisconsin. But construction, both commercial and residential, is still on its back. Banking jobs are doing poorly, as are jobs in hospitality sectors. State and local government employment is down, contrary to prior recessions.

Indiana comes out looking pretty good. In the year ended in May, Indiana is the only state in the fed district where job numbers increased—by 24,100. Indiana was one of two states to see some recovery in manufacturing employment. Indiana also had a surge in temp jobs and some increase in hospitality positions.

What are your thoughts?

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  • Opportunities & Solutions Being Missed???
    Smart GrowthJuly 14, 2010 2:49 PM
    My thoughts are the State of Indiana needs to focus on the missing piece of their puzzle, Economics of: Comprehensive Economic and Community Development, creating places where people, the human capital that they want to attract and stay, want to be. By Cleaning up the Center of the Communities and corridors with form based zoning code, and following through with form based financing to get it done, spending the little dollars that our Cities and State have, were they will get the long term sustainable solutions, ROI Return on Investment, while reducing compounding over spending, by the overbuilding of more out farther and farther outgrowth. this over building of the road system and financing of many intensive for out growth create more area for more government, to spend more. We need Leaders in this State that get Reducing Government Spending is Smart Growth, Form Based Financing!
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  • You are right and wrong
    JeffJuly 14, 2010 11:57 PM
    I believe after traveling the US the last two years and visiting many peer companies tht Indiana is fairing quite well in fact do not read the paper or watch TV you would not know we are in a recession. WE do neet to revitalize our core areas of our Metropolis, but at the same time utilize the assets that we have, highways that connect companies whether they are Walmart, Bioscience, Healthcare keep naming the non manufacturing we do in this area of Central Indiana. Not all ideas are home runs not all business is successful, but we have more here than most and our conservative thinking has helped the bottom line. But I do agree that we need to always think outside the box and that is what is missing and you have brought out just one component of a diversity that we need in our area.
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  • Smart Growth
    Eric GeorgeJuly 15, 2010 12:03 AM
    Very well spoken. In-filling development will reduce driving time and CO2 levels. New approaches to making cities not only more liveable, but if possible, delightful, if you will, should be a top priority of city leaders.
    Reply to CommentFlag Comment

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  1. Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.

  2. Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.

  3. I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.

  4. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  5. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

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