PHILADELPHIA (KYW Newsradio) — We’re halfway through calendar 2023 and the U.S. economy just keeps going.
“I think it’s an ‘S’ to maybe even a B+ if I had to give it a grade.”
That is the opinion of local economist David Fiorenza. KYW Newsradio’s Matt Leon caught up with Fiorenza for her monthly (modest) talk on the economy.
There’s really a lot that’s good about the economy right now. The labor market remains strong almost across the board and GDP has been revised up to 2.0% from 1.3% for the first quarter. What we might see when we start getting estimates for Q2 GDP:
“I think it will be about the same,” Fiorenza said. “It could be even more.”
Inflation remains a nuisance but has been on a downward trend for some time. The Federal Reserve’s target for inflation is 2% and it has raised interest rates to meet that target, but paused in raising interest rates at its last meeting.
“And to reach that target (of) 2% (inflation) is taking longer than the public would like to see,” Fiorenza said. “We all like instant results. It takes a while to lower inflation, I don’t care how many raises you have. I think there will be (in 2023) two (more) increases. I wish it was just one.”
Fiorenza expects those increases to be a quarter point each.
You can listen to the entire conversation between Matt and David Fiorenza above.
Credit: Ceri Breeze/Getty Images
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