Staffing Industry Analysts (11/14/22) The US economy looks weaker than it did in August, according to the fourth-quarter Philadelphia Federal Reserve’s Survey of Professional Forecasters. US GDP growth is expected to grow at 1.0% this quarter, down from 1.2% in the previous forecast. Forecasters also lowered their growth forecasts for the next three quarters. For full-year 2023, forecasters expect GDP to grow at 0.7% and
By Akayla Gardner Bloomberg.com (09/06/22) Labor Secretary Marty Walsh said the US will eventually need to overhaul the nation’s immigration system, calling the lack of available workers to fill jobs a “bigger threat” to the economy than inflation. “We don’t have enough workers in the United States of America to fill all the job openings that are out there,” Walsh said Tuesday in an interview
Economic Outlook Weakens As Philadelphia Fed Lowers Its GDP Estimate for the Year Staffing Industry Analysts (08/12/2022) The US economy looks weaker than it did in May, according to the Philadelphia Federal Reserve’s Survey of Professional Forecasters. US real GDP is projected to grow at 1.4% in the current quarter, down from 2.5% in the previous forecast. Forecasters lowered their growth expectations for the next
NAFCU (08/08/2022) The Bureau of Labor Statistics issued the July Jobs Report on Friday, which revealed that the unemployment rate dropped to 3.5 percent in July, a fifty-year low. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report. “The July jobs report was a summer scorcher, and will likely be seen as uncomfortably warm for policy makers focused on
Associated Press (07/08/22) Rugaber, Christopher The June hiring report has eased concerns of an impending recession in the U.S. economy, indicating a healthy labor market. However, the data also underscores a significant divergence between the labor market’s strength and other economic indicators, suggesting a critical juncture for the economy. While robust hiring and wage growth could bolster economic resilience, inflation and rising borrowing rates orchestrated
