Economist Sees Slow Growth, No Recession for Central Ohio
Story originally published in The Hannah Report on January 8, 2020. Copyright 2020 Hannah News Service, Inc.
Central Ohio’s employment will continue to grow in 2020, but the growth will remain slow, economist and Hannah News contributor Bill LaFayette said Wednesday in his annual “Blue Chip Economic Forecast” presented to the Columbus Metropolitan Club.
LaFayette, the founder of Regionomics who writes “On the Money” reports for Hannah News, also said his forecast does not predict a recession for the nation this year, and he expects tensions in Iraq and Iran to ease and not have an effect on the national economy. Either one of those factors turning out the other way would have an effect on the Central Ohio forecast, and he said if that's the case, "All bets are off."
Asked later by the audience if he sees any signs of recession in 2020, LaFayette said there are very few, and many of those could be connected to issues with finding enough skilled workers to fill open jobs.
LaFayette opened his remarks by noting the national economic expansion has reached its 121st month, continuing the longest expansion in U.S. history. The expansion has been very good in Central Ohio, which began growing employment in 2010 and has added 203,000 new jobs over the last decade, an increase of 22 percent. That is higher than the national rate of 17 percent, and statewide, where the growth rate is less than 12 percent...click here to read more.