In Business

Tim Roper, of Smith Auto Group, speaks at The Times Board of Economists luncheon Feb. 9 at the Radisson in Merrillville. Roper said when serious job creation finally starts, buyers will return to auto showrooms. (Photograph by Jon L. Hendricks/The Times.)

Northwest Indiana business executives are seeing the signs of a sustained—yet slow—economic recovery in the region this year.

But the 22-member Times Board of Economists is split on how quickly challenges such as elevated unemployment will be resolved to provide a boost for sectors such as manufacturing, entertainment and real estate.
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The unemployment rate fell or stayed the same in December in two-thirds of the largest U.S. metro areas, fresh evidence that American employers are slowly adding jobs.

The Labor Department says the unemployment rate dropped in 207 of the 372 largest metro areas, the most to report a decline since September. The unemployment rate rose in 122 areas and was the same in 43.

Nationwide, the unemployment rate dropped sharply in December to 9.4 percent from 9.8 percent. About half that decline was because more unemployed workers gave up on their job searches. Read the rest of this entry »

The economic recovery is now consistently picking up speed, and American consumers are the ones pushing the gas pedal. They increased their spending late last year at the fastest pace since 2006.

The question now is whether they can spend enough this year to make the economy grow even faster and finally bring down unemployment. It’s up to them because the housing market and government spending aren’t offering much help.
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Indiana’s unemployment rate dropped 0.3 percent to 9.5 percent in December.

December’s jobless rate decreased 0.2 percent from one year ago. The last time Indiana’s unemployment rate was at 9.5 percent was February 2009, according to the Indiana Department of Workforce Development.

“Indiana’s unemployment rate is at its lowest level in almost two years,” said Mark W. Everson, commissioner of the Department of Workforce Development. “Over the course of 2010, we saw growth in manufacturing and professional and business services, partially offset by declines in construction.”
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The nation’s economy added 103,000 jobs in December and the unemployment rate dropped to 9.4 percent last month, its lowest level in 19 months.

But the job growth fell short of expectations based on a strengthening economy. And the drop in unemployment was partly because people stopped looking for work.

Private employers added a net total of 113,000 jobs last month and the government shed 10,000 jobs, the Labor Department said Friday.
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In this Nov. 9, 2010 photo, a recruiter, left, speaks to job applicants during a job fair at the The Radisson Martinique hotel, Tuesday, Nov. 9, 2010 in New York. The number of people applying for unemployment benefits drops Thursday, Dec. 30, to lowest level since July 2008. (AP Photo/Mary Altaffer)

The number of people applying for unemployment benefits fell to its lowest point in nearly two and a half years, a sign that the job market is slowly improving.

Applications dropped by 34,000 to 388,000, the fewest since July 2008, the Labor Department said Thursday. The number of applications has either fallen or remained unchanged in five of the past six weeks.
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Long lines of people form before the opening of the city of Hammond's annual job fair in March at the Jean Shepherd Community Center. In preliminary data adjusted for seasonal changes in employment, Indiana's jobless rate was 9.8 percent in November, which is down 0.1 percent from a month earlier. The unemployment rate in Indiana matched the national average last month. (Times file photo.)

Unemployment rates dipped in Indiana and Illinois in November, according to data released Friday by state and federal labor departments.

In preliminary data adjusted for seasonal changes in employment, Indiana’s jobless rate was 9.8 percent in November, which is down 0.1 percent from a month earlier. The unemployment rate in Indiana matched the national average last month.
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Arden Salon hairdresser Emily Odinsoff, of Valparaiso, styles Kouts' Sharon Hoover's hair Sunday at Absolute Style in Valparaiso. (Photograph by Michael McArdle/The Times.)

Getting a haircut often makes a person feel brand new.

That was the goal for Kelli and Jesse Hall, owners of a Valparaiso hair salon, Absolute Style, as they offered free haircuts Sunday afternoon at their salon.

Their special clients—people who have found themselves out of work—were those who needed a trim and to renew their self-esteem, they said. So, nine stylists from Absolute Style and two other Valparaiso salons, Salon Diva and Arden Salon, gave new hope to 12 looking for work.
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An unexpected increase in the U.S. unemployment rate pushed stocks down Friday as investors moved money into safer assets.

The unemployment rate climbed to a seven-month high in November as employers added only 39,000 jobs. Economists had forecast a gain of 145,000.

The unemployment rate climbed to 9.8 percent from 9.6 percent.
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The economy grew a little faster over the summer than the government first thought. That modest pickup wasn’t nearly enough to significantly lower the nation’s high unemployment rate, and the Federal Reserve doesn’t expect the economy to improve much over the next couple of years.

The economy expanded at a 2.5 percent in the July-September quarter, the Commerce Department reported Tuesday. That was up from the 2 percent pace initially estimated, and better than the 1.7 percent growth rate in the April-June quarter.

Stronger spending by U.S. shoppers and better overseas sales of U.S. goods were the main forces behind an upward revision.
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