Senior Director of Northern Kentucky University’s Center for Economic Analysis and Development Janet Harrah updated students, university leaders, business owners and community members on the state of the United States economy at her annual Midsummer Economic Checkup last Friday.
To Harrah, there are both positives and negatives regarding the current state of the economy.
Some of the takeaways from her presentation include:
- The economic rate of growth is slowing.
- In her opinion, a recession still appears likely, but not as big as many economists projected last year.
- She expects at least two more rate hikes from the Federal Reserve.
- Inflation has dropped significantly from a year ago but still remains above target.
- High prices and interest rates are straining family finances.
- The job market shows strength.
“The lingering impacts of inflation and high prices coupled with higher interest rates are straining family finances,” Harrah said at the event. “On the bright side, the Cincinnati labor market is still very robust with year-over-year employment growth above three percent and the unemployment rate remains very low at just 3.1 percent.”
The NKU Center for Economic Analysis and Development conducts economic analysis and business research on issues related to the current and future economic well-being of businesses and communities in Kentucky and across the country.