State's economic index up

The Leading Index for Indiana, defying the generally poor economic news, edged up slightly in September, moving from 99.5 in August to 99.7 this month.
“While every other component of the LII was slightly negative, the continuing improvement in home builder sentiment was sufficient to move the index upward. Given the LII’s slight gyrations in the last several months, the LII appears to be, as Yogi Berra might say, ‘ambivalent both ways,’” said Timothy Slaper, director of economic analysis at the Indiana Business Research Center in Indiana University’s Kelley School of Business, which compiles the monthly report.
“The only mover on the positive side was the report from the housing market indicating that home builders are more confident about their future prospects,” Slaper added. “The latest data from the Census Bureau may warrant guarded optimism. Housing starts increased to the second highest level since 2008 but, even still, missed economists’ expectations. Building permits moderated as well in August, falling 1.0 percent during the month.”
The LII in September tells much the same story as in previous months: inconsistent economic signals, an economy that has lost any mojo from earlier in the year, but an economy that does not yet appear to be on the precipice of a double-dip recession.
At least until one considers the risk of the fiscal cliff, a potential economic growth-killing combination of rising taxes and government spending cuts that is set to kick in Jan. 1 unless Congress acts to avoid it, Slaper said.

Chamber luncheon
The Jay County Chamber of Commerce will be hosting a networking luncheon Tuesday at noon in Jay County Hospital conference rooms A and B. Vicki Kitchin, executive director of Build Indiana Council, will present a program titled “Understanding the Gas Tax.” The cost for the luncheon will be $8.

Grand reopening
The Winchester Area Chamber of Commerce hosted a ribbon cutting Monday for the grand reopening of Adams Physical Therapy Services, 910 E. Washington St., Suite 3, Winchester.
Owner Roy Adams of Portland is expanding, updating, and remodeling the Winchester facility to celebrate its 10th anniversary.
Adams Physical Therapy also has a Portland branch at 111 W. North St.

Old National merger
Old National Bandcorp, Evansville, the holding company of Old National Bank, recently announced its merger with Indiana Community Bancorp, Columbus, the holding company of Indiana Bank and Trust Company.
At closing, each share of the Indiana Community Bancorp common stock was converted into the right to receive 1.9455 shares of Old National stock. Former Indiana Community shareholders will receive a letter of transmittal from Old National to explain how to exchange the shares.
Old National Bank has a branch at 910 N. Meridian in Portland.

Entrepreneurs conference
The Indiana Economic Development Corporation recently announced it has joined the sponsorship lineup for the Powder Keg, a national conference for startups and entrepreneurs, which will take place in Indianapolis Oct. 17-19.
The conference will feature 500 founders and creative technologists, host more than a dozen keynote speakers and presenters, and work to showcase the nation’s most innovative startups.
For more information, visit www.powderkeg.org.[[In-content Ad]]