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Last updated on Wednesday, August 1, 2012
(BALL STATE) - Ball State University Economist Mike Hicks says we may be headed for another recession.
Hicks says, the economy is slowing.
This follows the release of second quarter growth results for the Gross Domestic Product. The U.S. Commerce Department says the GDP grew at a 1.5 percent annual rate in the second quarter. It had grown at a two-percent pace from January to March.
GDP for the fourth quarter rose from 3.0 percent to 4.1 percent. Hicks says in simple terms that the growth in the size of the economy in terms of products and wages are growing less quickly than inflation.
Hicks, director of Ball State's Center for Business and Economic Research, says he expects next week's job data to reinforce the trend. Hicks expect nationwide unemployment to rise.
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