2023 Breakfast With The Economists
June 7, 2023
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2023 Eller Breakfast with the Economists Presentation Slides in PDF
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Each spring, Eller’s Economic and Business Research Center hosts the annual Breakfast with the Economists, sponsored by J.P. Morgan Chase, to forecast the global, state and local economies. This year, members of the Tucson community gathered at the Loews Ventana Canyon Resort to listen to George Hammond, director of the Economic and Business Research Center and Research Professor along with former Chase chief economist Anthony Chan give their outlooks for the year. Below are some key points they made:
- Arizona’s economy was in good shape at the beginning of 2023—the labor market generated strong growth and low unemployment. Labor compensation slowed at the end of 2022 and into early 2023 but remained strong. But rapid inflation continued to chew up wage gains.
- Retail sales also began to decline in the first quarter after a strong increase in the fourth quarter of 2022 and with plunging housing affordability and higher mortgage interest rates, housing permit activity dropped in late 2022 and early 2023.
- The outlook calls for Arizona’s economic growth to slow down in 2023 and 2024 but to avoid recession and outpace the nation.
A version of this article originally appeared on the Eller College News page. It was written by George Hammond.