The head of the Center for Business and Economic Research at Bradley University says economic indicators suggest the Peoria area economy will keep on growing at a modest rate. Bernie Goitein said the Caterpillar layoffs have eased and other parts of the economy appear to be compensating.
"Local demand for housing has pushed new single family building permits up .8 percent in the quarter. So, you have this need for more housing. That's more construction and more construction jobs," said Goitein.Another leading indicator is buoyant, too.
"Unemployment claims, willingness of employers to lay off people versus not tends to be predictive of how much economic activity there will be later. So, that decline in unemployment claims, that was good," said Goitein.
Bradley University's Center for Business and Economic Research reported first quarter results showed growth in positive territory, but slower than in several previous quarters.
Goitein said one interesting part of the job market is the number of people working is unchanged, but the number of jobs is down. That might indicate people are either quitting second jobs and or getting full time positions. Goitein said Baby Boomer retirements may be part of that shift.
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