Economic Forecast for 2017 - Lima, OH News Weather Sports

Economic Forecast for 2017

Our economy looks bright, according to economic forecast released today by Citizens National Bank.  

Economist Robert Morgan spoke to local business owners about what the economy will look like for 2017.  Morgan says a lot of people have recovered from the recession of 2008 and 2009 and have paid off most of their debt that they accumulated. He says that incomes have increased allowing for more people to save and spend money to stimulate the economy and next year,, he expects the economy to continue growing faster than it had been the past few years, which will mean more job opportunities. 

" I think employment will continue to go down I think we are nearing full employment that we have a tight labor market where companies are experiencing trouble , finding and retaining employees they need at current wage rates, therefore we will see wages and incomes risen 2017 as companies compete with each other for the limited resource of those people looking and willing to change jobs. So I'm very optimistic about the unemployment rate declining and jobs continuing to grow" says Morgan. 

Morgan says the market conditions are better since unemployment has decreased over the last 5 to 6 years.