Economic Outlook

Abstract: Speaking to the audience at the New Jersey Bankers Annual Leadership Forum, Philadelphia Fed President and CEO Patrick Harker said that, like the national economy, the “region’s economy reflects weakening conditions in business and interest-rate sensitive areas such as housing, but maintains significant strengths, particularly in the labor market.” In light of the strength of labor markets, Harker said he expects “GDP growth will be modest, but I’m not forecasting a recession.”

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2023-01-20