We are currently in the second-longest economic expansion in United States history – and whether or not we needed to worry about an incoming recession was the topic of the Naperville Area Chamber of Commerce’s regional economic forecast this year.
The good news – guest panelists John Calamos, founder of Calamos Investments, Caroline Harris, vice president of tax policy for the United States Chamber of Commerce, and Gus Faucher, chief economist for PNC Financial Services, think the economy is strong and we don’t have to worry just yet.
“I don’t see those imbalances out there in the economy right now. I think the economy is growing at a sustainable pace. I think we have solid economic growth. I think the fundamentals are good and I think this will be the longest expansion in U.S. history when I’m here next year,” said Faucher.
They all expect inflation to stay around two percent for the next few years, and for unemployment rates to stay low. September actually marked the lowest unemployment rate since 1969.
That means there are more jobs open – giving workers more options and incentivizing businesses to offer more pay.
“We now have 2.5 percent of workers quitting their jobs every month,” said Faucher. “Why do workers quit their jobs? Because it’s easy to get jobs elsewhere. How are businesses responding? They’re raising pay.”
The panel concluded with a Q&A about the economy and investing.
Naperville News 17’s Blane Erwin reports.
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