Sunday, January 01, 2012

Chicago's economic outlook: Here's to a mediocre 2012 | In Other News | Crain's Chicago Business

Chicago's economic outlook: Here's to a mediocre 2012 | In Other News | Crain's Chicago Business

Cheerful stuff...
The Chicago-area economy, which grew only 0.9% last year, should expand at about a 1.6% pace during the first half of 2012 and by about 2% for the full year, Moody's says. That lags its predicted 2.6% increase in gross national output. Moreover, it's significantly less than its prediction six months ago, when the economic research unit of New York-based Moody's Corp. expected the Chicago economy to grow by about 4% in 2012.

The anemic growth won't help Chicago job-seekers much; Moody's predicts the metro unemployment rate will climb to 11.4% in the first half of this year from 10.6% in 2011's second half. Once again, that's a far more bearish estimate compared to its calculations six months ago, when the company foresaw the jobless rate hitting 9.2% in 2012's first half.

2 comments:

John Ruberry said...

It's Bush's fault. Just kidding. Happy New Year, Bill!

Bill Baar said...

You too John. It's going to be a big year for bloggers. Heck of a way to have a big year, but it will be a busy time for us.