U.S. Economy Shows Considerable Progress in Recovering From the Great Recession

I attended a luncheon today hosted by the Economics Club of Hampton Roads and Old Dominion University, which featured an interesting presentation by Jeffrey Lacker,  president of the Richmond Federal Reserve Bank and voting member of the Federal Open Market Committee. Lacker addressed the “considerable progress of the U.S. economy in recovering from the great recession” and noted three key areas that have kept the economy from recovering more quickly: the lingering depression in new home construction, the labor market, and uncertainty over the federal budget and tax policy. He also mentioned that as the labor market continues to grow, consumer confidence will continue to increase which should nudge GDP growth higher. In our opinion this is positive news, as it should of course help philanthropic giving.
Click here to read an article on Jeffrey Lacker’s full commentary. It’s quite informative and contains at least some hopeful news for giving.