Initiatives by government, private businesses and a host of organizations to slow the spread of the coronavirus is expected to create a recession as mass layoffs cause unemployment to exceed 10.5% nationally and 10% in Indiana within 45 days, according to a report from Ball State University.
The Washington, D.C.-based Economic Policy Institute believes the coronavirus outbreak will lead to the nation’s economy shrinking by 1.25% from January to June.
Indiana started the year strong for employment in January.
The Indiana State Budget Agency reported year-to-date tax collections through November totaled $6,261.3 million, which is $246 million or 4.1% above the April 2019 revised revenue forecast and $215 million or 3.6% above collections through the same period in the prior fiscal year.
Many Hoosiers believe jobs are plentiful but those without a college degree are find it difficult to land a job, according to the 2019 Hoosier Survey from Old National Bank and Ball State University.
Realtor.com, the official website of the National Association of Realtors, in its annual forecast said the U.S. housing market will continue to slow in 2020 because buyers have fewer options and a cooling economy could sway others to rein in spending.
Indiana’s jobless rate continues to run below the national figure.
A Ball State University economist believes the nation’s economy is slowing despite new jobs being created in September and improved job creation numbers in July and August.
Slowing job growth and a drop in new job creation are signs from the latest government jobs report suggesting the nation’s economy is slowing down, said Ball State economist Michael Hicks.
A new study shows the domestic maritime industry employs 15,360 people in Indiana and generates more than $3.9 billion annually for the state’s economy.