Employment is recovering from the sharp contraction induced by the pandemic, but it is still well below levels of early 2020. Can it fully recover in the coming year? What is the expected role of stimulus legislation on growth, employment and inflation? What are the prospects for the Arizona economy?
These questions are at the forefront in the minds and work of the country’s leading economists as the state, region, country and world begin to reappear from COVID-19, which halted the longest economic expansion ever. recorded. Three leading economists will discuss the next step as we turn the page on 2022 at the ASU / PNC Bank’s 58th Annual Economic Forecast Luncheon on Wednesday, December 8 at the Renaissance Phoenix Downtown Hotel. The event is presented by WP Carey School of Business, Arizona State University Department of Economics and sponsored by PNC Bank.
This year’s opening speech will be delivered by Lawrence H. Summers, professor at Charles W. Eliot University and president emeritus of Harvard University, former secretary of the US Department of the Treasury and former director of the National Economic Council. Gus Faucher, chief economist of the PNC Financial Services Group, will discuss the outlook for the US economy, and Lee McPheters, professor-researcher in economics and director of the Economic Outlook Center at the WP Carey School of Business at Arizona State University, will provide economy for the southwest, Arizona and the Phoenix subway.
“Due to the pandemic, the past two years have brought economic conditions to the nation and Arizona that we haven’t seen in modern history,” McPheters said. “Just look at the numbers for job fluctuations in Arizona. The state lost more jobs in the first two months of the pandemic than in the first two years of the Great Recession. “
McPheters adds, “Now that the economy is rebounding, we have questions about inflation, house prices, industry supply chains and, of course, labor markets. These are just a few of the topics we’ll cover at the Forecast Lunch, where we hope to provide attendees with some useful information on what’s in store for next year.
In addition to serving under three presidential administrations as a member of the Council of Economic Advisors, Secretary of the Treasury and Director of the National Economic Council, Lawrence H. Summers has had a distinguished career in economic policy and academia. . After earning his doctorate from Harvard, he became one of the university’s youngest professors, starting his career there in 1983 at the age of 28.
Summers was Chief Economist of the World Bank from 1991 to 1993 before returning to government as Under Secretary for International Affairs. Today he teaches economics at the John F. Kennedy School of Government at Harvard. During the Economic Forecast Luncheon, Summers will deliver his remarks live via Zoom.
In-person participation in the 58th Annual ASU / PNC Bank Economic Forecast Luncheon is full. Virtual participation is still available via Zoom for $ 95 per person and $ 800 for a group of 10. The event will take place on Wednesday, December 8 from 11:15 am to 1:30 pm Registration is now open at wpcarey.asu.edu/efl.