Ball State economist: It's a recession

By Keith Roysdon, Star Press

kroysdon@muncie.gannett.com

MUNCIE -- Ball State University economist Michael Hicks has been among the holdouts who have insisted, for months now, that the economy had not slipped into recession. On Monday, Hicks said he's changed his mind: We're in a recession.

Hicks said he's not sure if the local and state economies will see far greater job loss, but he acknowledged unemployment will rise and that the recession "experience" will be new to most people: The last two recessions, in 2001 and 1991, were the mildest since World War II and came at a time when people were preoccupied by other events: The 9-11 terror attacks and the first Gulf War.