Gary forecast 2013

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Author: Micah R. Pollak
Date: Winter 2012
From: Indiana Business Review(Vol. 87, Issue 4)
Publisher: Indiana University, Indiana Business Research Center
Document Type: Article
Length: 678 words
Lexile Measure: 1490L

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As the economy goes through periods of expansion and contraction, two natural questions are "What factors are driving these changes?" and "What can they tell us about the future?" At the state and national level, economists have developed economic indices to gauge the pulse of the economy and address these questions. While these indices are certainly useful, they do not necessarily reflect the economic wellbeing of individual regions.

For example, in September 2012, the national unemployment rate was 7.6 percent and the unemployment rate in the state of Indiana was 7.5 percent (not seasonally adjusted). Within the state, however, the unemployment rate in the Southwest region (Evansville) was under 7 percent while it was over 8 percent in the Gary metro division. (1) Because of the potentially large variation among regions within a state, there is a need for some measure of the economic condition of an individual region.

In response to the demand for better information on the Northwest Indiana regional economy, Indiana University Northwest professors Bala Arshanapalli...

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Gale Document Number: GALE|A322028000