Pessimism about the state of the economy is all too common in the Midwest, a new Citi survey indicates.
The financial services firm commissioned a poll of 2,002 adults; 467 of those were Midwesterners. Overall, Citi found, Midwesterners were likely to say the economy had yet to hit bottom: Sixty-one percent believed the economic situation would worsen.
Older people in the Midwest were particularly bearish on the state of their personal finances. Just 31 percent of those over 40 said they expected to have a financially secure retirement.
To be sure, the economic picture is looking up in the Midwest. A survey of supply managers in the region, released this week by Creighton University, found widespread optimism about Midwestern states' business conditions. But, Creighton economics professor Ernie Goss said, the survey also suggests that unemployment should remain persistently high.
"It is going to take many months before most states in the region recover jobs lost since the recession," he indicated.
As long as joblessness remains elevated in the Midwest, residents are not likely to get more bullish on the state of the economy. It's an unfortunate state of affairs - one that's playing out around the country.
