As we enter October, what is the economic outlook for the U.S. in the fourth quarter of this unprecedented year?
The answer to that question is a guess, at best, but there are some central themes emerging. Experts believe without the passage of another stimulus package of any kind before the end of the year, additional recovery in the economy will be much slower. Most expert forecasts for U.S. domestic product growth is now in the 3% range for the quarter – down from as high as 9% when there seemed an additional package would come out of Washington. There is a hint talks might resume but most believe there is only an outside chance.
Then there is the election to consider. Election years always make things a little tricky to predict effects on the economy but this year, more than ever, that is the case. The wide variations in policy proposals and the continued uncertainty of the length of the pandemic make the last few months of this year a real question mark.
What does that mean for us locally? We need to remain committed to doing what we can for our local business and industry. Our sales tax numbers up slightly, our job postings are increasing, and our unemployment is falling. All of those things are headed in the right direction but there is much work yet to do in the hospitality, travel, and tourism world when the pandemic fears are eased. Please, stay committed to the "Reclaim our Region" effort.
