More evidence arrived yesterday that the recession in Indiana has finally bottomed. But little of that evidence suggests
a quick recovery.
The Federal Reserve Bank said in its regular Beige Book report that economic decline in its Chicago district, which includes the northern two-thirds of Indiana, leveled off in July and August. Activity has stabilized at a low level as consumer spending increased and the decline in business spending slowed.
The results are consistent with unemployment rates, which have stabilized at about 10.6 percent in Indiana and about 8.7 percent in the Indianapolis area.
The Fed said the Chicago region benefited from Cash for Clunkers, but that sales of appliances and other big-ticket items stayed weak.
How do these reports square with your experience?