The Federal Reserve Bank of New York (FRBNY) hosted the spring meeting of its Economic Advisory Panel (EAP) on Friday, April 15. As has become the custom at this meeting, the FRBNY staff presented its forecast for U.S. growth, inflation, and the unemployment rate. The forecast predicts growth in 2016 to remain around 2 percent. Available data suggests that growth in the first quarter of 2016 was sluggish, but the EAP predicts that over the remainder of 2016 growth will be around 2½ percent (at an annual rate), supported by generally favorable underlying fundamentals: fairly healthy household and business balance sheets, slightly stimulative fiscal policy, and an accommodating monetary policy. Consumer spending is anticipated to grow around 2½ percent, slightly slower than in 2015, as real income growth is sustained through faster growth of compensation and low overall inflation. Unemployment is also predicted to decline. Read the full report.
Meet the people behind the products. From semi-conductors to Jet engine turbines – from apple pie filling to smoked salmon – from cosmetics to high definition micro displays – Council members make the products that make the world run. Through our podcast we introduce listeners to the people who own, work in, and support these businesses, businesses that together are the Council of Industry. We learn about their products and career paths. We learn about their leadership styles and their passion for their work. We learn about their challenges and their opportunities. In the process we learn more about manufacturing and why it is such a vital sector of our economy- vital to our region’s prosperity, our security and our future.