Purdue economists: Steady growth in 2015

Experts Charlene Sullivan, Chris Hurt and Kevin Mumford on Thursday delivered their 2015 economic forecast to about 100 members of Greater Lafayette Commerce.

Based on the state’s GDP growth rate of 2 percent, and a 5.7 percent September unemployment rate that is near pre-recession levels, Sullivan said she is optimistic.

“We’ve seen a good amount of recovery from the improvement in manufacturing,” she said. “We manufacture a lot of vehicles in Indiana, and the number of vehicles sold is back up where it was pre-recession.”

The household sector is generally in good shape, she said. People are saving money, energy costs are lower and job prospects are better, she said.

Wages have not increased significantly in part due to the rising cost of health care and the fact that 12 million people across the country quit looking for jobs, took part-time jobs or are underemployed, Sullivan added.