This week, as I visited a number of Third District communities, several major economic indicators were published, confirming what we already know: President Biden’s inflation hasn’t ended, and a radical change of direction in Washington’s fiscal policy is needed to remedy an ailing economy.
This week, the U.S. Department of Commerce reported America’s gross domestic product for the first quarter of 2024 grew by a mere 1.6 percent and core inflation—which leaves out the more dynamic fluctuation of food and energy prices—rose by 3.7 percent. As both these numbers came out much less favorable than projections, it’s not surprising small business optimism has reached its lowest level since 2012, according to the National Federation of Independent Business.
To make matters worse, the workforce participation rate remains well below its pre-pandemic level. As discouraged workers have yet to return from the sidelines of the economy, I continue to hear from Third District employers about the difficulty of filling positions for which they are hiring.
