OUTDATED TECH? WHAT BUSINESSES CAN LEARN FROM THE AIRLINE FIASCOS IN 2023

OUTDATED TECH? WHAT BUSINESSES CAN LEARN FROM THE AIRLINE FIASCOS IN 2023

Three Top Trends CEOs and IT Directors Need to Know to Avoid IT Disasters

 Jasper, Ind. – (Feb 24, 2023) – Within the last several weeks, old and outdated tech has grounded planes and snarled airline traffic nationwide. If maintaining IT infrastructure and updating IT systems is so difficult for some of the most essential services in the country, how can everyday businesses and services expect to keep up? The answer is getting proactive, according to the expert team of engineers at Matrix Integration, a strategic IT infrastructure partner for more than 1,000 businesses and schools in the Midwest and beyond. Working closely with their clients, Matrix’s engineers have identified three major trends that businesses need to address in 2023 to keep their systems up to date and avoid major shutdowns that could cost millions of dollars in lost revenue.

Tim Pritchett, engineer operations manager at Matrix, is also a former CTO who is focused on helping clients keep their mission-critical data safe and operations running smoothly.

“We always get calls for emergency situations, like when a system goes down and the company realizes data hasn’t been backed up for three months,” said Pritchett. “It’s like getting a call to put out a fire, when some proactive maintenance would have prevented the fire in the first place.”

Stay Proactive to Combat These Market Trends

Outdated IT and infrastructure have been identified as a major reason for the air traffic issues in recent days and weeks. The engineers at Matrix Integration have recognized three major challenges that are trending in their clients’ businesses, and recommend a number of ways to stay ahead of technology meltdowns.

 Supply chain issues are making it difficult to replace old equipment. Keeping technology up to date is challenging when hardware is difficult to source, and this issue will continue into 2023. This means that companies need to extend the life of their existing equipment. “Keeping equipment clean and up-to-date with firmware is key,” said Rex Weisheit, a network engineer at Matrix Integration. Another tip: logging activities like patching, updating and service agreement deadlines. In one case, the Matrix team found that half the hard drives in a client’s server farm had already failed and their support had ended six years ago. “This is something the Matrix team can help with, but companies can do it themselves if they have the time and capacity,” said Cody Beadles, Matrix engineer.

  1. Cybersecurity insurance is demanding more.  Cybersecurity insurance is a necessary business expense today, insurance issuers are continuing to increase their requirements to issue a policy. Pritchett and his team often see businesses scrambling to get protections in place to meet insurance company deadlines. “Make sure you know when your policies are coming up for review,” said Pritchett. “They will audit you, and you need to be ahead of the curve to avoid being dropped from your insurance carrier.” And, without a policy, businesses could lose thousands, if not millions of dollars if a system is hacked.
  2. The “Edge” requires updates in almost every area of IT. If a company is ready to take advantage of computing in an edge environment, that upgrade affects nearly every aspect of its IT infrastructure. “The edge is pushing everything,” said Beadles. “This includes security needs, speed requirements and capacity requirements. We’re seeing an influx of Big Data management which is starting to directly affect the datacenter.”

 For more information on Matrix Integration or trends in enterprise-level IT, visit matrixintegration.com.

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About Matrix Integration

Matrix Integration is a strategic IT solutions and managed services provider that has been in business for more than 40 years. With clients regionally and offices in Indiana and Kentucky, Matrix Integration works closely with businesses and institutions to provide personalized consulting and managed services along with networking, data center, security, collaboration, telephony, and computing solutions. Strategic partners include Hewlett Packard EnterpriseArubaCisco SystemsMerakiVMwareMicrosoft, and Veeam. Matrix Integration is a Women-Owned Small Business (WOSB) and Women Business Enterprise (WBE) that has consistently been recognized on industry lists including CRN Solution Provider 500, CRN Managed Service Provider (MSP) 500, CRN Women of the Channel, and CRN Tech Elite 250.

 

IU Southeast to host Graduate Business Information Session

FOR IMMEDIATE RELEASE:

IU Southeast to host Graduate Business Information Session

New Albany, Ind. (February 24, 2023) – The Indiana University Southeast School of Business is hosting an information session for students interested in graduate business programs.

The session will be 5:30-7:30 p.m., Thursday, March 2, at the IU Southeast Graduate Center at 300 Water Tower Square in Jeffersonville.

The graduate business programs at IU Southeast are among the best in the nation. The Princeton Review recently named IU Southeast a “best” business school in its 2023 annual business school rankings.

New this year, is a revamped format for the Master of Business Administration (MBA). The 30-credit-hour program will be delivered in convenient 8-week sessions and offer flexible concentrations that can be added in accounting, human resources management, management, finance, or business data analytics.

At the information session, students interested in earning a Master of Business Administration (MBA), a Master of Science in Strategic Finance (MSSF) or a Master of Science in Management (MSM) will be able to:

  • Meet faculty who teach in the programs
  • Hear from current students about their experiences in the programs
  • Receive application materials
  • Learn about the application and admissions process
  • Network with peers

Participants who hold undergraduate degrees in non-business fields can take the Quick Start Foundations courses that provide the essential business knowledge for success in the MBA or MSSF programs. These classes can be completed online in one semester.

RSVP online  at www.ius.edu/grad-business-session or email iusmba@ius.edu. For more information, please call (812) 941-2364.

 

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About IU Southeast:  IU Southeast is one of seven campuses of Indiana University. Offering more than 130 degree programs and concentrations, the scenic 180-acre campus is located less than 15 minutes from downtown Louisville, Kentucky. It currently has an enrollment of more than 4,000 students and employs more than 400 faculty members. About 400 students now live on campus in five fully furnished, lodge-style residence halls. Through an agreement with the Commonwealth of Kentucky, Indiana University Southeast offers in-state tuition to students enrolled from eight counties in the Louisville region. For more information, visit www.ius.edu. IU Southeast is a tobacco-free campus.

NEWS RELEASE
Indiana University Southeast
Contact:  Nancy Jo Trafton
812-941-2676
ntrafton@ius.edu

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Advocacy Update | 03.01.23

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Welcome to the 1si Advocacy Update!  Every Wednesday while the General Assembly is in session, you will receive an update of 1si’s advocacy efforts. If you missed any of our previous updates from this session, please click here. This week’s article takes a brief inside view of our local legislators’ activity.

No new positions were taken by our leadership team this week as we have reached crossover. We will continue to follow bills as the bills start moving in the other chamber.

Key dates during session include:

·        February 27 – last day for 3rd reading of House bills in House

·        February 28 – last day for 3rd reading of Senate bills in Senate

·        April 17 – last day for 3rd reading of Senate bills in House

·        April 18 – last day for 3rd reading of House bills in Senate

·        April 19-27 – Conference Committees

·        April 27 – Anticipated Final Day of Session

·        April 29 – Statutory Sine Die

What has your local legislator been up to during the first half of the general session? To find your local legislator, please visit the Indiana General Assembly website.

Senator Garten – District 45

District 45 serves Clark County and some of Floyd County in the New Albany area. In his first year in Senate Leadership as the Majority Floor Leader, Senator Garten authored 12 bills. To view his activity, click here.

Senator Bryne – District 47

District 47 serves most of Floyd County, Harrison County, and Washington County. In his first full year in the Senate, Senator Bryne authored 5 bills. To view his activity, click here.

Representative Clere – District 72

District 72 serves most of Floyd County. Representative Clere in his 15th year has authored 10 bills. To view his activity, click here.

Representative Engleman – District 70

District 70 serves all of Harrison County and portions of Clark, Floyd, and Washington counties. Representative Engleman in her 7th year has authored 7 bills. To view her activity, click here.

Representative Fleming – District 71

District 71 serves most of Clark County and a portion of Floyd County in the New Albany area. Representative Fleming in her 5th year has authored 8 bills. To view her activity, click here.

Representative Payne – District 66

District 66 serves portions of Clark, Scott, and Jefferson counties. Representative Payne in his 3rd year has authored 10 bills. To view his activity, click here.

We will keep you updated on our actions related to the 2023 Indiana Legislative Session, but for more information on our Advocacy Agenda, please visit www.1si.org/advocacy.

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1si Advocacy Update | 02.22.23

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Welcome to the 1si Advocacy Update! Every Wednesday while the General Assembly is in session, you will receive an update of 1si’s advocacy efforts. If you missed any of our previous updates from this session, please click here.

We are quickly approaching the final days for bills to be passed through their respected chamber. The last day for bills to pass 3rd reading is February 27 for the House and February 28 for the Senate. Some of the larger priority bills are finally seeing movement such as HB 1001 involving the State Budget, HB 1008 that focuses on the public pension system investing, and SB 3 which establishes a taskforce to review taxes.

As a reminder, our 2023 Call to Action includes talent attraction and retention which has four main concerns: Quality of Place, Housing Growth, Availability of Childcare, and Enhance Healthy Lifestyles.

No new positions were taken by our leadership team this week. We will continue to monitor bills as crossover is approaching. Crossover is the time where bills that have passed one chamber are then heard in the other chamber. Once bills have crossed into the other chamber, the deliberation process starts over again. This can be a tricky time for our leadership team as legislators try to take language from bills that have died and insert that language into bills that are moving.

Bills on which 1si is taking a position:

Supporting:

  • HB 1005: Establishes the residential housing infrastructure assistance program and residential housing infrastructure assistance revolving fund.
    • Passed House third reading and has been referred to the Senate.

1si’s second Call to Action is to “develop new and enhanced tools to build and maintain infrastructure in support of housing growth.” 1si is in support as this bill provides a tool for local communities to meet the needs of housing shortages and prepare for future housing growth.

  • HB 1160: Creates funding for workforce training program and fund.
    • Passed House third reading and has been referred to the Senate.

One of 1si’s 2023 Priorities is “Meeting Workforce Demands.” 1si is in support as this bill would increase access to and fund workforce training and education programs for career support. As workforce shortages are a need for our businesses in Southern Indiana and throughout the State, this bill provides a tool to help booster the pipeline of potential individuals to be trained to enter or reenter the workforce.

  • SB 414: Provides alternatives solutions to residential onsite sewage system fails.
    • SB 414 passed Senate third reading and has been referred to the House.

1si’s second Call to Action is to “develop new and enhanced tools to build and maintain infrastructure in support of housing growth.” 1si is in support as this bill would establish an alternative for homeowners needing to replace and upgrade their septic systems so that their houses can remain viable. This bill provides homeowners with a tool to build and maintain infrastructure to support existing homes that may be deemed unlivable without these upgrades.

  • SB 35: Requires students to take a financial literacy course.
    • Passed Senate third reading and has been referred to the House.

One of 1si’s Governing Principles is “Career-Ready Workforce and Educational Initiatives.” 1si is in support as this bill requires an individual to successfully complete a personal financial responsibility course before the individual may graduate and creates requirements for content that must be covered in a personal financial responsibility course.

  • HB 1046: Provides that a military base reuse authority (such as River Ridge) is qualified to receive funds for an eligible project from the local road and bridge matching grant fund.

One of 1si’s 2023 Priorities is “Infrastructure and Housing.” “This is the time to assist communities in building and maintaining roads and bridges…which are essential economic growth strategies for Southern Indiana.” 1si is in support as this bill would allow River Ridge and other military base reuse authorities to apply for a grant fund to support road or bridge projects.

Opposing:

  • HB 1278: Prohibits the Indiana economic development corporation, any other public authority, or any party negotiating on behalf of any of those entities (like 1si) from entering into a non-disclosure agreement designed to keep the details of the negotiation private until approval by a public body is warranted.
    • No movement.

One of 1si’s Governing Principles is “Sustainable Economic Growth” as 1si serves as the Lead Economic Development Organization for Clark, Floyd, and Scott Counties. 1si is in opposition as this bill prohibits the State, or any party negotiating on behalf of any public authority for economic development proposes from entering into nondisclosure agreements. This bill would eliminate a tool that is used frequently in economic development to help meet the needs of different businesses. If passed, this would give Indiana a disadvantage to surrounding States that use nondisclosure agreements.

Monitoring:

  • HB 1449: Amends the twenty-first century scholars program eligibility requirements for certain students and auto enrolls those students but students may opt-out.
  • SB 186: Establishes a state tax credit for a taxpayer that makes qualified child care expenditures or qualified child care resource and referral expenditures in providing child care to the taxpayer’s employees.
  • HB 1001: Appropriates the State budget.
  • SB 347: Establishes a work-sharing unemployment insurance program.
  • HB 1085: Provides that a percentage of the incremental property taxes of any new tax increment financing area shall be allocated to school corporations that maintain an attendance area that includes all or part of the allocation area.
  • SB 317: Provides that a political subdivision may make advance payments to contractors to enable the contractors to purchase materials needed for a public works project of the political subdivision.
  • HB 1209: Allows the Indiana Destination Development Corporation to establish a foundation.
  • SB 20: Allows a city/town to designate an outdoor location as a refreshment area with approval of the alcohol and tobacco commission.
  • SB 37: Sunsets any Food and Beverage Taxes except for Marion County, the surrounding Indianapolis counties, and Orange County (French Lick). Creates new requirements for future Food and Beverage Taxes.

We will keep you updated on our actions related to the 2023 Indiana Legislative Session, but for more information on our Advocacy Agenda, please visit www.1si.org/advocacy.

Nonprofit Spotlight | Junior Achievement of Kentuckiana, Inc. | February 2023

One Southern Indiana is once again featuring a Nonprofit Spotlight monthly in its One Weekly For and About Members edition.

This special feature showcases 1si’s nonprofit members. Spotlighting members from across the community, 1si’s Nonprofit Spotlight reflects the variety of our membership. If you would like to be featured in this section, please email Becky Ellenburg at Beckye@1si.org.

This month’s focus will be Junior Achievement of Kentuckiana, Inc. 

Company Name: Junior Achievement of Kentuckiana, Inc.
Address: 1401 West Muhammad Ali Blvd Louisville, KY 40203
Business Phone: 502-569-9213
Website: jaky.org
Contact Person: Bailey Hanks
Contact Title: Director of Special Events and Fund Development
Contact Email:  bhanks@jaky.org

Please use 300 words or less to describe your agency and your impact on the community.

Agency Mission Statement or Description: Junior Achievement’s mission is to inspire and prepare young people to succeed in a global economy.

Year established: 1949.

Counties/regions serviced: Areas Served – Junior Achievement of Kentuckiana (jaky.org)

Focus areas: With interactive programs tailored to elementary, middle, and high school students, Junior Achievement introduces young people throughout our community to the realities and possibilities of the working world and personal finance. As the breadth of our communities’ problems seems to grow every day, we believe there is a way to get to the root of these growing issues. With our mission to inspire and prepare young people for success, we work to foster students’ belief in themselves and a sense of purpose to overcome life’s challenges. JA can change “I can’t” to “I can” through a scientifically proven approach by showing students how money, careers, and business ownership work. With the help of volunteer role models in proven programs, there comes a simple shift to a positive attitude.

Impact in community: During the 22-23 school year our goal is to reach 50,000 students from the Greater Louisville/Southern Indiana Community.

How 1si members can help your organization: We are always looking for volunteers to get involved in the classroom, to have a booth at our mega career fair, or participate in a bowling event with their coworkers to raise funds for JA!

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Advocacy Update | 02.15.23

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Welcome to the 1si Advocacy Update! Every Wednesday while the General Assembly is in session, you will receive an update of 1si’s advocacy efforts. If you missed any of our previous updates from this session, please click here.

Over the last month, the Advocacy Updates have listed bills and the position that 1si has taken on those bills. Below, we will talk about why each of the following bills have been supported or opposed. As a reminder, our 2023 Call to Action includes talent attraction and retention which has four main concerns: Quality of Place, Housing Growth, Availability of Childcare, and Enhance Healthy Lifestyles.

Bills on which 1si is taking a position:

Supporting:

  • HB 1005: Establishes the residential housing infrastructure assistance program and residential housing infrastructure assistance revolving fund.
    • Passed House third reading and has been referred to the Senate.

1si’s second Call to Action is to “develop new and enhanced tools to build and maintain infrastructure in support of housing growth.” 1si is in support as this bill provides a tool for local communities to meet the needs of housing shortages and prepare for future housing growth.

  • HB 1160: Creates funding for workforce training program and fund.
    • Passed committee, awaiting hearing on House floor.

One of 1si’s 2023 Priorities is “Meeting Workforce Demands.” 1si is in support as this bill would increase access to and fund workforce training and education programs for career support. As workforce shortages are a need for our businesses in Southern Indiana and throughout the State, this bill provides a tool to help booster the pipeline of potential individuals to be trained to enter or reenter the workforce.

  • HB 1436 & SB 414: Provides alternatives solutions to residential onsite sewage system fails.
    • HB 1436 not likely to move forward and will focus on SB 414.
    • SB 414 passed Senate third reading and has been referred to the House.
    • These bills are written word for word the same.

1si’s second Call to Action is to “develop new and enhanced tools to build and maintain infrastructure in support of housing growth.” 1si is in support as these bills would establish an alternative for homeowners needing to replace and upgrade their septic systems so that their houses can remain viable. These bills provide homeowners with a tool to build and maintain infrastructure to support existing homes that may be deemed unlivable without these upgrades.

  • SB 35: Requires students to take a financial literacy course.
    • Passed Senate third reading and has been referred to the House.

One of 1si’s Governing Principles is “Career-Ready Workforce and Educational Initiatives.” 1si is in support as this bill requires an individual to successfully complete a personal financial responsibility course before the individual may graduate and creates requirements for content that must be covered in a personal financial responsibility course.

  • HB 1046: Provides that a military base reuse authority (such as River Ridge) is qualified to receive funds for an eligible project from the local road and bridge matching grant fund.

One of 1si’s 2023 Priorities is “Infrastructure and Housing.” “This is the time to assist communities in building and maintaining roads and bridges…which are essential economic growth strategies for Southern Indiana.” 1si is in support as this bill would allow River Ridge and other military base reuse authorities to apply for a grant fund to support road or bridge projects.

Opposing:

  • HB 1278: Prohibits the Indiana economic development corporation, any other public authority, or any party negotiating on behalf of any of those entities (like 1si) from entering into a non-disclosure agreement designed to keep the details of the negotiation private until approval by a public body is warranted.
    • No movement.

One of 1si’s Governing Principles is “Sustainable Economic Growth” as 1si serves as the Lead Economic Development Organization for Clark, Floyd, and Scott Counties. 1si is in opposition as this bill prohibits the State, or any party negotiating on behalf of any public authority for economic development proposes from entering into nondisclosure agreements. This bill would eliminate a tool that is used frequently in economic development to help meet the needs of different businesses. If passed, this would give Indiana a disadvantage to surrounding States that use nondisclosure agreements.

We will keep you updated on our actions related to the 2023 Indiana Legislative Session, but for more information on our Advocacy Agenda, please visit www.1si.org/advocacy.

Jody Heazlitt Named President/CEO of New Hope Services Inc.

New Hope Services Inc. (NHS) continues to make a difference across Southern Indiana, providing services for people with disabilities, affordable housing, and family services that include nutrition, family planning and case management. 2023 marks the beginning of another great year as the organization announces their new CEO, Jody Heazlitt, MSSW, LSW.     

Heazlitt has 19 years of experience and passion with NHS, having previously served as President since 2020 and Chief Operating Officer since 2013. Prior to that, she served as Vice President/Director of Social Services, and Director of Adult Services.  She is very excited to use her skills and experience to continue the organization’s growth, and provide opportunity and direction to benefit those who use their services. Outside of New Hope, Heazlitt is a member of the Supervisory Committee for Centra Credit Union and serves on the Board of Directors of Impact 100 Southern Indiana.  

“I am grateful for the opportunity, and for the confidence of our Board of Directors. I look forward to our continued success, to discovering new opportunities, and continuing to make a positive impact by providing excellent services,” Jody Heazlitt said. 

Based in Jeffersonville, Indiana, New Hope Services has a rich history of meeting human services needs for the past 64 years. It is one of the largest and most successful nonprofit organizations in the region with services in 23 counties across Indiana. New Hope’s focus is in three primary divisions: Ability Services, Family Services, and Affordable Housing. Clients include families, seniors, and individuals with developmental disabilities. With about 150 employees, the organization serves more than 15,000 individuals and families each year. To learn more, visit newhopeservices.org 

Jody Heazlitt

 

For additional media inquiries:
Jayne Labes
Development & PR Consultant
812.288.8248
jayne_labes@newhopeservices.org

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Advocacy Update | 02.08.23

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Welcome to the 1si Advocacy Update!  Every Wednesday while the General Assembly is in session, you will receive an update of 1si’s advocacy efforts.  If you missed any of our previous updates from this session, please visit www.1si.org/advocacy.

The fourth week of the Indiana General Assembly came with a flurry of committee meetings and hearings throughout the floors of the House and Senate.  Several priority bills were heard and debated as legislators, advocates, and constituents swarmed the hallways of the Capitol.

At 1si, our 2023 Call to Action includes talent attraction and retention which has four main concerns: Quality of Place, Housing Growth, Availability of Childcare, and Enhance Healthy Lifestyles. Of these focus areas, we are watching several childcare-focused bills in the Senate, hoping that one will catch traction in the coming weeks.

Bills on which 1si is taking a position:

Supporting:

  • HB 1005: Establishes the residential housing infrastructure assistance program (program) and residential housing infrastructure assistance revolving fund (fund).
    • Passed two committees, heading to House floor.
  • HB 1160: Creates funding for workforce training program and fund.
    • Passed first committee, awaiting hearing in Ways and Means committee.
  • HB 1436 & SB 414: Provides alternatives solutions to residential onsite sewage system fails.
    • HB 1436 passed first committee, awaiting hearing in Ways and Means committee.
    • SB 414 passed Senate third reading and has been referred to the House.
  • SB 35: Requires students to take a financial literacy course.
    • Passed Senate third reading and has been referred to the House.

Opposing:

  • HB 1278: Prohibits the Indiana economic development corporation, any other public authority, or any party negotiating on behalf of any of those entities (like 1si) from entering into a non-disclosure agreement designed to keep the details of the negotiation private until approval by a public body is warranted.
    • No movement.

Monitoring:

  • HB 1502: Establishes the workforce development board grant program and the workforce development board grant program fund.
  • HB 1085: Provides that 20% of the incremental property taxes of any new tax increment financing area shall be allocated to school corporations that maintain an attendance area that includes all or part of the allocation area.
  • SB 317: Provides that a political subdivision may make advance payments to contractors to enable the contractors to purchase materials needed for a public works project of the political subdivision.
    • Passed Senate third reading and has been referred to the House.
  • HB 1439: Requires a city council to approve all expenditures of a city redevelopment commission.
  • SB 37: Requires local units of government that imposes a food and beverage tax to annually report information concerning distributions and expenditures of amounts received from the food and beverage tax.
    • Passed Senate third reading and has been referred to the House.
  • SB 411: Authorizes local units of government to adopt a commercial property-assessed clean energy program (PACE program) as a financing mechanism to allow commercial property owners to obtain financing for energy-efficient improvements.
  • HB 1449: Amends the twenty-first century scholars program eligibility requirements for certain students and auto enrolls those students but students may opt-out.
  • SB 186: Establishes a state tax credit for a taxpayer that makes qualified child care expenditures or qualified child care resource and referral expenditures in providing child care to the taxpayer’s employees.
  • SB 375: Requires the family and social services administration (FSSA) to develop a schedule for child care and development fund reimbursement of childcare providers under which the highest rate does not differ from the lowest rate by more than 50%.
  • HB 1001: Appropriates the State budget.
  • SB 347: Establishes a work-sharing unemployment insurance program.

We will keep you updated on our actions related to the 2023 Indiana Legislative Session, but for more information on our Advocacy Agenda, please visit www.1si.org/advocacy.

Economic Update | 2022 was a good year for Louisville Metro

Submitted by Uric Dufrene, Ph.D., Interim Executive Vice Chancellor for Academic Affairs, Sanders Chair in Business, Indiana University Southeast

–January U.S. job growth surprises everyone

The BLS released the final monthly report on metropolitan area employment and unemployment and the results show strong job growth for the metro region. Louisville gained approximately 21,000 jobs over 2022, and this represents a 3% change over the year and is the highest percent change for all metro areas in Kentucky. As a comparison, Indiana saw a 1.6% change in payrolls over the year, and Kentucky observed a 2.3% change in jobs. The metro area unemployment rate declined to 2.7%, compared to 3.3% last year, and down from the November rate of 3.1%.

The nation’s economy continues to see challenges with the growth of the labor force and the availability of workers. While Louisville did see an overall increase in the labor force of about 5,000, this is sluggish compared to historical changes. The tightness of the local labor market can be seen by the number of unemployed in the metro region, about 18,000. This is compared to 23,000 unemployed last year. So, the labor force saw a small increase over the year, and the number of unemployed declined. Even though the overall economy is slowing down, the labor market remains tight. The number of unemployed in the region, relative to the size of the labor force, is the lowest in the past 30 years, and perhaps in the history of the series. Nationally, job openings increased last month by about 700,000, taking the total openings back up to 11 million. The openings-to-unemployed ratio is back up to about 2. Unemployment claims also remain at very low numbers, with the latest falling close to 180,000.

This year marks perhaps the greatest consensus for a recession. Certain indicators point to a slowdown and bond market indicators like the inverted yield curve suggest slower growth or a recession. Slower growth and softer price pressures, as evidenced by a decelerating Consumer Price Index (CPI), PCE (Personal Consumption Expenditures) Deflator, and ECI (Employment Cost Index) brought the Fed to smaller increases in the Fed Funds rate by only 25 basis points. This marks a decline from the previous meeting of 50 basis points, and 75 basis points through 2022.

If there is slower growth in the cards, this was not obvious in the last national payrolls report. The BLS released the first Friday of the month payrolls report and it showed a whopping 517,000 jobs were added in the month of January. The U.S. unemployment rate declined to 3.4%, and both the labor force and labor force participation rate saw gains. A key piece of information in the report was the change in average hourly earnings, which declined to 4.4% for the year, from 4.8% the prior month. The combination of payroll growth and decelerating hourly earnings is a goldilocks scenario for The Fed.

While this was a very strong payrolls report, other indicators on the economy continue to point to an overall slowdown. That slowdown scenario was pushed back with the last jobs report, perhaps until next year. That kind of payroll growth, along with historic low unemployment rates, is not the number we see with a recession. Prior to last Friday’s jobs report, there was a chance of a pause in Fed interest rate increases. That is just about out the window now. We can expect another quarter point increase at the next FOMC meeting, and then perhaps a

pause. Upcoming reports on inflation will have to show additional deceleration from the last few months to change the market’s perception of prospective rate increases. The next few months of data will be telling.



Thank You For Renewing Your Membership | January 2023

One Southern Indiana would like to thank the following members for renewing their membership during the month of January 2023.

Quarter Century ClubMember Since
K.M. Stemler Company, Inc.1989
Foam Fabricators1990
City of New Albany1992
L & D Mail Masters, Inc.1992
Hurst & Associates, LLC1998
Land-Mill Developers, Inc.1998
Rock Creek Community Academy1998
  
Ten to 24 Years 
Smith Creek, Inc.2001
Voss Clark2001
Business Health Plus, Inc.2003
Silver Creek Leather Co., LLC2003
Toby’s Lawn & Landscape2003
MCM CPAs & Advisors2006
R. H. Clarkson Insurance Agency2007
Harding, Shymanski & Company, P.S.C.2008
Jack Coffman, Commissioner2008
ECT Services, Inc.2013
C. W. Erecting, LLC2013
  
Five to Nine Years 
Cobblestone Hotel & Suites2015
Hampton Inn by Hilton New Albany Louisville West2016
Denton Floyd Real Estate Group2016
Priority Radiology2016
RE/MAX Pat Harrison Enterprises2016
Zaxby’s – Charlestown Rd.2016
King’s-Quality Restoration Services LLC2017
Edward Jones – Scott Donald2017
Personal Counseling Services, Inc.2017
The Breakwater2017
Tree of Life Family Birth Center2018
The Floyd County Library2018
  
Two to Four Years 
Copier Mart2019
L & N Federal Credit Union2019
New Albany Broadcasting WMYO-TV and WKYI-TV2019
Staff Management | SMX2020
O’Bannon Publishing Co. Inc.2020
RBR Alliance, Inc.2020
ImmunoTek Bio Centers, LLC2021
Hellenic Senior Living of New Albany2021
Kentuckiana Regional Planning & Development Agency (KIPDA)2021
Meijer2021
Successful Collaboration of Partners + Entrepreneurs (“SCOPE”)2021
The Refinery2021
  
One Year 
Kim Kraft- Realtor2022
National Material Handling2022