Where are we now? Elkhart County and the Great Recession 5 years later

Unemployment is down to 5.7 percent cumulatively for the January through May period. The value of goods and gross domestic production, adjusted for inflation, has rebounded but not quite to pre-recession highs. That’s all significant. Very significant. The economy has definitely improved.

But Elkhart County still lags the high watermarks set before the recession hit, and the data offers a more nuanced and mixed message.

The numbers show three major changes. 

• The number of people who are actually working — earning wages to buy food, pay mortgages and stay alive — is down by nearly 10,000 compared to the 2006 peak.
• Demand is holding steady or rising at area agencies that serve the needy. The figures show that more people have jobs compared to 2009, but many still aren’t earning enough to make ends meet.
• An average worker in manufacturing used to make an average of $15.40 in 2007. In 2013, a worker in the same job sector made an average of $14.24. Annualized, that’s a dip from $32,040 to $29,630.

Unemployment/employment:

The cumulative five-month unemployment rate so far for 2014 totals 5.7 percent — that’s the lowest annualized figure since 1991.