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NWSOFA Fiscal and Economic Issues group will meet VIRTUALLY on March 13th
March 13, 2023 @ 7:00 pm - 9:00 pm
NWSOFA Fiscal and Economic Issues group will meet VIRTUALLY on March 13th
RSVP: https://act.indivisible.org/event/local-actions/164565
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The NWSOFA Fiscal and Economic Issues group will meet on March 6th at 7 pm. The Zoom room will open by 6:50 pm. Come join us and share your thoughts.
David and Karl will be updating the fiscal and economic data and will present it at our next meeting.
Come discuss the current state of the US economy, including the amazing 517,000 payroll jobs added in January.
December showed continued solid job gains combined with declining inflation. December’s jobs report showed 223,000 jobs added. Total payroll jobs were the most ever. Twelve month CPI inflation for December was 6.5%, down from 9.1% in June. Twelve month PCE inflation for December was 5.0%.
Spending and the deficit came down in Biden’s first budget year, fiscal year 2022, which ended September 30th. Spending came down by $548 billion and the deficit declined by $1.4 trillion. These were less than previously forecast because the student debt forgiveness announced in August added $426 billion to FY 2022 spending and the deficit.
3rd quarter real GDP growth was revised up to a 3.2% annualized growth rate. Preliminary data on 4th quarter real GDP growth showed 2.9%.
Bottom line is that the data through December showed a slowing economy that was still strong. Then last Friday we got the January Employment data. Crazy good:
517,000 payroll jobs added in January and prior months in 2022 revised up by 800,000.
The unemployment rate down to 3.4%, a rate not seen since 1969.
Monday David and Karl will try to explain what this all means.
A draft of our February 6th PowerPoint presentation can be found at https://docs.google.com/presentation/d/1MviSBYzRFi8NLTr-JeWaJswzqlhkOW6U/edit?usp=sharing&ouid=118152796039843164051&rtpof=true&sd=true
An comparison of economies under Democratic vs. Republican administrations from the fall can be found at https://docs.google.com/presentation/d/1d_9E2XqGHNsdN78xChoOQwQLv3ekQDaK/edit?usp=sharing&ouid=118152796039843164051&rtpof=true&sd=true
Videos of past meetings can be found at https://www.youtube.com/channel/UCiw8EhKA-e2l3_gM9FVYX2g
After registering, you will receive a confirmation email containing information about joining the meeting.
Link to event information: https://us02web.zoom.us/j/82859573341?pwd=bE14dFE2azJpSy8wYUZOV2RGNkpPdz09