Economy Experiencing Slow Growth
January 8, 2012, 9:57 PM
SIOUX FALLS, SD -
The economy is changing. Some experts say we're entering a cycle of job growth, higher wages and more demand for businesses.
Both the local and national economies are slowly, but surely, growing stronger according to Rebecca Murdock with the University of Sioux Falls. It may be small, but she says it's something.
"I guess in that sense, slow growth is okay, because at least it is still growth. We just won't experience the kind of very heavy, very strong kind of growth that we experienced prior to the recession," Murdock said.
The growth is expected to continue for the next three to six months. But Murdock says economic uncertainty in Europe could complicate anything beyond that.
"The thing that is of concern, you could have somewhat of a contagion type of effect, which will not only affect those countries that are part of the European Union, but obviously because we have such an integrated global economy, that certainly will have an impact here at home," Murdock said.
Another factor is the political climate. Murdock says speculation over the presidential election could deeply influence economic confidence going into the second half of the year.
"I believe we are operating on a period of time where there is just a higher degree of uncertainty and a feeling of ambiguity about things. And that just isn't going to sort itself out until we have these campaigns get further down the road, until we have more of the primaries and so forth begin to help us determine who the final contenders really will be," Murdock said.
Locally, Murdock says the biggest threat to growth would be a severe weather event impacting the area's agriculture.
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