Federal Reserve Chairman Ben Bernanke told a local lunch crowd that he expects the economy to keep growing, but he said the growth is so slow that it could create a "permanent group" of underemployed Americans.
Recovery in manufacturing—one of Indiana’s best-paying employment sectors—has been a much celebrated change after years of decline. But many of those jobs are returning with lower wages as employers keep up with growing global competition.
Lynn Kimmel, president of Lockhart Automotive Group, is helping her family business recover from losing three Saturn dealerships and a Hummer dealership when General Motors Corp. folded both those lines.
After the financial crisis of 2008, foundations in Indiana and across the country set up special relief funds for their communities. Ongoing support for the one formed in Indianapolis is just one sign of how the poor economy is still influencing grant-makers’ decisions.
Trinity Free Clinic in Carmel began in 2000 to serve a growing Hispanic immigrant population. Since the latest recession, so many people—including unemployed professionals—have found their way to the clinic that the portion of white patients has grown from one-third in 2008 to 47 percent last year.
As the national economy sputters, the Indianapolis area is losing jobs faster than its peers, falling to levels not seen since 2002.
With reluctance, Mike Alley, a veteran Indianapolis banker, joined the board of Evansville-based Integra Bank in April 2009. A month later, he found himself CEO—the beginning of a 26-month odyssey that ended July 29 with banking regulators seizing and shutting down the 160-year-old institution.
Funding for the state’s work-force-development agencies to help Hoosiers develop job skills has fallen sharply, even as unemployment remains high and the economy is still shaky.
Hiring picked up slightly in July and the unemployment rate dipped to 9.1 percent, an optimistic sign after the worst day on Wall Street in nearly three years.
Indiana regional banks and national institutions are faring better, a possible indication that Indianapolis’ economy isn’t recovering as quickly as expected.
The economy expanded at a meager 1.3-percent annual rate in the spring after scarcely growing at all in the first three months of the year, the Commerce Department said Friday. The combined growth for the first six months of the year was the weakest since the recession ended two years ago.
Mike Alley, perhaps more than any other banker in the state, is experiencing the pain the economic crisis has wrought on the nation’s financial institutions.