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Whiteman Presents Economic Forecast

A two-year economic slump will gradually loosen its grip on Iowa and other parts of the nation, experts predicted recently. "The projection for the next couple of years is slow but a whole lot better than 2001," said Charles Whiteman, director of the Economic Research Institute at the University of Iowa and a C. Woody Thompson professor of economics at UI. Whiteman, speaking at an Iowa City Area Chamber of Commerce function Oct. 21 was joined by Jeff Rossate, division administrator with the Iowa Department of Economic Development. Whiteman said 3 percent represents a healthy growth rate number for total income in Iowa. "But we had a tough year in 2001 where we actually had two quarters of negative income," he said. That year's total income growth was .3 percent, and in 2002 the increase jumped to 2.4 percent. This year's projected income growth is 1.5 percent and next year officials expect it to increase to 1.8 percent.

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