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???
    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!
  • You are right and wrong
    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.
  • Smart Growth
    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.

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  1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

  2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

  3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

  4. Does anyone know how and where I can get involved and included?

  5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

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