Money for a lot of in Central Florida has been tight.”I feel it’s been a little bit challenging with the way that the cost of everything has gone up—gas (and) cost of living especially,” Orlando resident Nina Duron stated.But economists say 2023 is a 12 months for recession.Dr. Sean Snaith, director of the Institute for Economic Forecasting within the College of Business on the University of Central Florida, says this recession could carry some sudden advantages.”The slowdown will help. It should help to bring down the rate at which housing prices have gone up. It’s going to slow inflation. It’s going to help in that regard,” Snaith stated. “It’s going to allow the supply chain to try to heal and get back to normal.””Let’s hope he’s right. You know, in a positive frame of mind, I think drives the economy. If you’re a naysayer and the sky is falling, then skies sometimes fall,” Orlando resident David Kuhn stated.The institute launched a report this week that predicts Florida will face a gentle model of the recession.”The good news for Florida and central Florida is we know this recession will not be nearly as severe as what we went through in 2020 or in 2008 and 2009,” Snaith stated.But financial downturns can nonetheless damage and alter individuals’s lives. Layoffs are expected however not as many in blue-collar jobs as in previous recessions.”It’s in the technology space where layoffs are being announced. And so, you know, I think it’ll be more in the professional and business services sector,” Snaith stated.Snaith calls this a “pasta bowl recession.”He expects it to are available progressively and ease up progressively, like the form of a pasta bowl.”If prices can come down for rent and the mortgage rates stay low, that’s good for everybody as well,” Kuhn stated.You can look via the nationwide report and state report right here. The report on Florida additionally breaks down financial news regionally.Top headlines:Man with alleged connection to Lakeland mass capturing shot, killed by policeOrlando man, Maryland lady deliberate assault on Baltimore energy grid, FBI says
Money for a lot of in Central Florida has been tight.
“I feel it’s been a little bit challenging with the way that the cost of everything has gone up—gas (and) cost of living especially,” Orlando resident Nina Duron stated.
But economists say 2023 is a 12 months for recession.
Dr. Sean Snaith, director of the Institute for Economic Forecasting within the College of Business on the University of Central Florida, says this recession could carry some sudden advantages.
“The slowdown will help. It should help to bring down the rate at which housing prices have gone up. It’s going to slow inflation. It’s going to help in that regard,” Snaith stated. “It’s going to allow the supply chain to try to heal and get back to normal.”
“Let’s hope he’s right. You know, in a positive frame of mind, I think drives the economy. If you’re a naysayer and the sky is falling, then skies sometimes fall,” Orlando resident David Kuhn stated.
The institute launched a report this week that predicts Florida will face a gentle model of the recession.
“The good news for Florida and central Florida is we know this recession will not be nearly as severe as what we went through in 2020 or in 2008 and 2009,” Snaith stated.
But financial downturns can nonetheless damage and alter individuals’s lives. Layoffs are expected however not as many in blue-collar jobs as in previous recessions.
“It’s in the technology space where layoffs are being announced. And so, you know, I think it’ll be more in the professional and business services sector,” Snaith stated.
Snaith calls this a “pasta bowl recession.”
He expects it to are available progressively and ease up progressively, like the form of a pasta bowl.
“If prices can come down for rent and the mortgage rates stay low, that’s good for everybody as well,” Kuhn stated.
You can look via the national report and state report here. The report on Florida additionally breaks down financial news regionally.
Top headlines:
Man with alleged connection to Lakeland mass capturing shot, killed by police
Orlando man, Maryland lady deliberate assault on Baltimore energy grid, FBI says