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University of Iowa News Release

March 22, 2006

Institute For Economic Research Issues Revised Employment Forecast

The Institute for Economic Research at the University of Iowa has released a revision of the employment portion of the Iowa Economic Forecast released March 10.

The previously released figures predicted 1.9 percent growth in non-farm employment in 2006 and 1.8 percent growth in 2007; the corrected figures are 1.5 percent and 1 percent. Chuck Whiteman, Institute director and UI professor of economics said the corrected forecast still predicts overall employment growth for 2006 that is robust by recent historical standards, but growth in 2007 is now predicted to be close to that of recent years.

A data transcription error caused the previously reported employment growth forecasts for 2006 and 2007 to be inflated, he explained.

The Board of Regents, State of Iowa created the Institute for Economic Research in July 1975 to facilitate cohesive and continuing economic research and to establish a formal mechanism for providing interaction with, and economic research services to, government and industry. Each quarter, the Institute produces the Iowa Economic Forecast, which contains quantitative forecasts of economic conditions and tax revenues for the State of Iowa, utilizing the latest developments in the latest advances in econometric theory.

STORY SOURCE: University of Iowa News Services, 300 Plaza Centre One, Suite 371, Iowa City, Iowa 52242-2500.

PROGRAM CONTACT: Charles Whiteman at 319-335-0834, or whiteman@uiowa.edu.

MEDIA CONTACT: George McCrory, University of Iowa News Services 319-384-0012, george-mccrory@uiowa.edu

OTHER INFORMATION: See complete data at the University of Iowa Institute for Economic Research website http://www.biz.uiowa.edu/econ/econinst/.