Iowa economy shows signs of improvement
Posted on Monday, August 17th, 2009 at 12:21 am
As more and more Iowans worry about job security and their incomes in the hurting economy, Iowa Governor Chet Culver tried to cheer them up in a speech over the weekend.
After meeting with his economic advisers, Culver said economic indicators show that the Iowan economy is starting to improve, asking Iowans not to dwell on "doom and gloom" forecasts.
Economists project that personal income in Iowa will drop 1 percent this year. However, they were also optimistic, predicting a 1.2 percent growth in 2010.
Despite the good news about personal income growth next year, economists predict that employment will continue to fall into 2010. The falling employment is not surprising, given that employment is a lagging indicator. This means that during economic recoveries employment typically rises much later than actual economic growth because companies are not as willing to hire employees until they see confident signs of continued economic improvement.
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