NKU Economist Gives Update on Economy

July 21, 2023 - Janet Harrah, NKU economist and senior director of the Center for Economic Analysis and Development, gave her Midsummer Economic Checkup Friday morning to university leaders, business owners, and community members. 

Harrah says that while there are good things to point to when it comes to the economy, there are still concerns.To summarize the Midsummer Economic Checkup:

• Economic rate of growth is slowing
• A mild recession still appears likely, but not as big of a recession as many economists projected last year – in other words, a “soft landing” is possible
• Expect at least two more rate hikes from the Federal Reserve
• Inflation has dropped significantly from a year ago, but still remains above target
• High prices and interest rates straining family finances
• The job market continues to show strength

“The lingering impacts of inflation and high prices coupled with higher interest rates are straining family finances,” Harrah said. “On the bright side, the Cincinnati labor market is still very robust with year-over-year employment growth above three percent and the unemployment rate remains very low at just 3.1 percent.”  

Janet Harrah will be available for interviews next week. To request an interview with Janet or to request the full Midsummer Economic Checkup presentation, reach out to either Clayton Castle or Corey Best.