Hoosiers can expect the state’s economy to return to “the old normal” in 2015.
As reported by the South Bend Tribune, four economists from Indiana University talked about forecasts for the local, state, national and global economies as part of an annual panel discussion at IU South Bend.
Tim Slaper, director of economic analysis at the Indiana Business Research Center, noted that people have been using the term “the new normal” to refer to the economy’s slow recovery over the past six years.
“The new normal hasn’t been very good, has it? It’s been like walking around with a permanent toothache,” Slaper said to the audience.
That’s why people tend to get so excited, he said, when they hear the economy is returning to “the old normal” that Americans have come to expect in terms of overall economic growth.
“Our expectations have been so low for the past six years that just ‘old normal’ sounds really good,” he said.
Indiana’s economy has grown at about the national average of 3% over the past year. Growth above 3% is forecast for 2015.
Slaper said Indiana is expected to add about 55,000 jobs next year and return to the level of peak employment the state reached before the recession. The statewide unemployment rate, which was 5.7 percent in October, should fall to 5.2 percent next year.
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