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.
Americans slowed their spending in September to the weakest pace in three months and their incomes fell for the first time in 14 months.
The report raises the risk that business investment, which had been contributing to a rebound from the worst recession in generations, will decelerate in coming months, underscoring the Federal Reserve’s concern that growth is too slow.
Still, the economy is barely growing and hiring is slow. Businesses and other private employers added a net total of 67,000 jobs in August, the Labor Department said.
Indiana Gov. Mitch Daniels said he opposes more stimulus such as aid to states to keep teachers hired and to expand credit
to small business, while favoring incentives to revive private hiring and investment.