Forecasters says economy could be on the way back up

Happy days are nearly here again. The Iowa Economic Forecasting Council says the economy has nearly bottomed out, and will be on the rebound in 2003.Beth Ingram, the director of the Institute for Economic Research at the University of Iowa, is also chair of the Iowa Economic Forecasting Council. She says the economy appears to have hit rock bottom in July, August and September of last year.Ingram says things started turning around in October, November and December, as employment picked up and income rose. The Economic Forecasting Council yesterday predicted the state of Iowa’s economic fortunes will soon turn-around, so that by 2003, state tax collections will be about three percent ahead. Right now, tax receipts are way behind.The Council’s forecast will be used by a three-member panel of state financial experts who’ll meet next week to revise the official estimate of state tax revenue. That new figure will be used by legislators and the Governor to determine how deeply to cut the state budget.