Threat Of Recession Recedes In UNC Charlotte 4th Quarter Economic Forecast
Previous concerns over a recession appear to have dwindled going into 2023. Key indicators, such as consumer behavior and labor market trends, simply aren’t pointing toward an economic downturn, according to UNC Charlotte economist John Connaughton.
“So far, we haven’t seen a significant weakness in the job market,” he said. “The unemployment rate would need to rise before people begin changing the way they spend their money.”
Other takeaways from the forecast include:
The gap between the consumer price index for all urban consumers and the Fed Funds Rate remains too wide to reflect progress toward inflation reduction.
North Carolina’s real (inflation-adjusted) GDP is expected to increase by 1.2% over the 2022 level.
All 14 of the state’s nonagricultural sectors are expected to experience employment increases during 2023.