Chicago economist shares predictions with Beloit-area companies

BELOIT,WIS. (WIFR) - The senior economist for the Federal Reserve Bank of Chicago William Strauss speaks to Beloit-area business leaders about the economic health of the country and what it means for the Stateline region.

"Local economy is obviously the most important thing to our business," said President of Century 21 in Beloit, Dwight Kruse.

Kruse believes all business owners should be aware of the economic forecast for the country.

"Our business is about local people buying local real estate. But, as the economy goes national so does it go locally," Kruse said.

"All in all I believe the economy remains on solid footing," Strauss said.

For Strauss the outlook is positive. Since 2009, Strauss says the US economy grew at a rate of 2.3 percent; slow and steady.

"We have not had sectors that jack rabbeted ahead and got so over the top and we need to make a correction to bring them back into line," Strauss said.

Strauss also predicts more people will find jobs.

"It's an incredibly low unemployment rate and that's really impressive and what's also really good about that is we are seeing historic lows for African Americans and Hispanic unemployment rates," Strauss said.

If companies take one thing away from this forecast Strauss hopes it's optimism.

"Just because we are in this longest expansion in US history doesn't mean we are due for a recession, that's not how recessions happen. Nobody ever gets sick of making money," Strauss said.

This was the second year this event was held and organizers say there was double the number of people in attendance.