The U.S. economy is growing at a slower pace, newly released economic data shows.
The Bureau of Economic Analysis released Gross Domestic Product Data Thursday that showed the size of the U.S. economy increased by 1.1% in the first quarter of 2023, more slowly than the previous quarter.
A rush of federal money will boost Pennsylvania’s ability to address abandoned mining land, but the commonwealth will not be able to rely on federal dollars for most of the funding.
The Senate Community, Economic and Recreational Development Committee met on Tuesday to discuss the impact of the anthracite coal industry in northeastern Pennsylvania – both its environmental costs and its economic potential.
Pennsylvania’s House Republican Policy Committee on Thursday heard testimony from several small-business executives Thursday suggesting that unemployment compensation (UC) taxes among other issues pose major impediments to economic growth in the Keystone State.
As The Pennsylvania Daily Star reported this week, Pennsylvania has lagged behind other states in terms of making up economic ground lost during the COVID-19 pandemic. In July 2022, about 6.17 million Pennsylvanians held jobs, a 2.8-percent rise over the same month one year prior. National employment meanwhile increased 3.7 percent during that time.
Pennsylvania’s economy will have modest real economic growth but also a dip in tax revenues in the next fiscal year as one-time boosts fade away, according to the latest revenue estimates from the Independent Fiscal Office.
The estimate for fiscal year 2022-23 does not assume a recession will hit, but does assume inflation will still be a problem, which cuts away at real gains in areas such as wages and salaries.
The International Monetary Fund (IMF) cut its global economic growth forecast for 2022 on Tuesday, citing growing COVID-19 cases, supply chain bottlenecks and soaring inflation.
The IMF now projects global gross domestic (GDP) product to grow 4.4% in 2022, down from 5.9% growth in 2021, according to the IMF’s World Economic Outlook report published Tuesday. The IMF projected global GDP would reach 4.9% in its Fall report.
“The global economy enters 2022 in a weaker position than previously expected,” the report said, blaming “downside surprises,” including soaring COVID-19 cases and turbulent markets.
Bret Weinstein and Heather Heying, evolutionary biologists and visiting fellows at Princeton University, have written a fascinating new book, A Hunter-Gatherer’s Guide to the 21st Century, which Penguin Random House released in September.
The instant New York Times bestseller is riddled with interesting ideas and clever insights, ultimately arriving at a radical conclusion about how humanity must be governed in the future if we are to avoid civilizational collapse. However, the book’s concluding argument is built upon one fundamental economic fallacy, and to understand the flaw in the proposal is to understand how truly catastrophic the pursuit of Weinstein and Heying’s vision would be.
The Fear of Abundance
Weinstein and Heying’s fundamental claim is about the human propensity to seek economic growth, and the ultimate unsustainability of that goal.
A survey released Monday found that business experts expect prices and inflation to rise at elevated levels for years to come.
The National Association for Business Economics released the results of a survey of 48 economic experts who downgraded their growth predictions and projected elevated inflation through the second half of 2023, if not later.
“NABE Outlook survey panelists have ramped up their expectations for inflation significantly since September,” said NABE Vice President Julia Coronado, founder and president, MacroPolicy Perspectives LLC. “The core consumer price index, which excludes food and energy costs, is now expected to rise 6.0% from the fourth quarter of 2020 to the fourth quarter of 2021, compared to the September forecast of a 5.1% increase over the same period.”