While it may seem that the economic picture for Augusta is about as clear as the muddy banks of the Savannah River, there are a few signs of hope for 2024. One of the sure bets is learning the ups and downs of the Labor Market Index (LMI), Leading Economic Index (LEI), measuring the value of the Gross Domestic Product (GDP), among many other contributing factors, and how those will impact your business in 2024.
Dr. Simon Medcalfe is a Professor of Economics and Finance at the James M. Hull College of Business at Augusta University and a weekly contributor to ABD. Tomorrow, he will host the university’s 15th annual Economic Forecast Breakfast. You can sign up here for food and facts in the Roscoe Ballroom on the Augusta University Summerville Campus. The event is free and open to the public, but you need to register by emailing hull@augusta.edu, so the food and beverages can be managed appropriately.
“While there are a few bright spots as I reported Tuesday, the Labor Market in Augusta increased slightly in October, but we are still performing worse than the rest of the state. You have to look at an improvement as short term and we still haven’t reached pre-pandemic employment levels,” Medcalfe explained.
Gen X and Millennials are leading the way in employment, according to Medcalfe, but Boomers are opting to retire which impacts the numbers.
There is another bright spot in the signs that the probability of a recession is fading for the coming year and that the Federal Reserve is doing a good balancing act between interest rates and inflation.
“The bottom line is that if you are running a business or a nonprofit, there are several benefits to attending tomorrow’s economic forecast event,” he said. “It could help you plan for the future and the networking opportunities are beneficial.”
If you are interested in planning for 2024 and networking with others regarding triumphs and challenges, don’t miss AU’s annual Economic Forecast Breakfast.
Editor’s Note:
Mitzi Oxford is a veteran broadcaster and features writer who also worked at the same television station in Columbus, Georgia as Augusta’s Brad Means! If you have a South Carolina story idea for Mitzi, please email her at mitzioxfordcreative@gmail.com.
