PHILADELPHIA (KYW Newsradio) — We are halfway through the calendar year 2023 and the U.S. economy just keeps rolling along.
“I think it's a ‘B’ 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 their monthly (ish) conversation on the economy.
There really is a lot to like about the economy right now. The labor market remains strong almost across the board and GDP was revised up for the first quarter from 1.3% to 2.0%. As for what we could see when we start to get estimates for second quarter GDP:
“I think it's gonna be about the same,” Fiorenza said. “It could even be more.”
Related
Inflation remains pesky, but it has been trending downward for awhile. The Federal Reserve’s goal is 2% inflation and they have been raising interest rates to try to get there, but they did pause from raising rates at their last meeting.
“And to get to that target (of) 2% (inflation) takes longer than the public would like to see,” Fiorenza said. “We all like instant results. It takes a while to get that inflation down, I don't care how many increases you have. I think you're going to see two (more) increases (in 2023). I wish it was only one.”
Fiorenza thinks those increases will be a quarter-point each.
You can listen to Matt and David Fiorenza’s entire conversation above.
Related
