IUS School of Business hosts discussion on economic trends
NEW ALBANY, Ind. (WAVE) - The Indiana University Southeast School of Business hosted The Mid-Year Economic Update on Thursday. Sanders Chair in Business Uric Dufrene reviewed economic trends and discussed what the rest of 2023 could bring.
When it comes to jobs, Dufrene noted a boom in job creation, which he expects to slow down. He said people shouldn’t be alarmed by this. For people worried about inflation, he has some good news; Dufrene says people can expect prices to continue to decline in most categories.
As for the possibility of a recession, analysts predicted it would happen at the end of 2023. Dufrene says the timeline has been pushed back and it’s more likely to hit next year. He said recessions happen from time to time, and he wants people to know that the local economy will be in better shape than most areas.
“It’s not going to be a very severe recession. I would say very shallow without really a significant loss of jobs,” Dufrene said. “Louisville Metro, I think, is positioned more favorably though than the rest of the country in terms of how a recession could impact Louisville Metro. That’s because of some of the things I talked about this morning with production in the pipeline for automobiles and pent-up demand in the automobile sector.”
For people who are concerned about the looming recession, Dufrene said his advice is the same as every year. “Always save for a rainy day” and stick to a budget.
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