We are in the eleventh year of the economic expansion (the longest in U.S. history) following the “Great Recession” of 2008 and 2009. During the economic downturn the economy experienced outsized losses in the housing, manufacturing and jobs. Yet, the recovery and expansion has been restrained, although it has picked-up steam over the past two years. While unemployment rates are very low, strong wage gains remains elusive. Inflation has only recently reached the Federal Reserve's target after being well below it for several years and the Fed has been backing away from its very accommodative policy. Mr. Strauss will look at the performance of the overall macro economy with specific attention paid to key economic sectors and indicators for the U.S. economy over the next several years.
What determines economic growth?
What are the risks to the Economic Outlook?
Senior Economist and Economic Advisor,
Federal Reserve Bank of Chicago