In this week’s Economic Report, Dr. Rick Harper discusses the latest report from the International Monetary Fund (IMF) projecting economic growth for 2014.
“It’s down somewhat...and a little disappointing” says Harper, noting IMF’s world GDP growth forecast of 3.4 percent for the remainder of the year. That's a little better than the 3.2% the world economy managed in 2013. However, their April forecast had been 3.6%. “So it’s a slight slowdown and we’re seeing that in a couple of different countries.”
In this week’s Economic Report, Dr. Rick Harper reflects on Blue Angels weekend on Pensacola Beach. ‘Red, White and Blues Week’ follows the Fourth of July holiday weekend, which provides a critical boost to the local tourism industry over a stretch of about a week-and-a-half.
In this week’s Economic Report, Dr. Rick Harper discusses the importance of the month of July to Northwest Florida’s tourism industry.
“In our climate zone, July is far and away the biggest month. It’s the month in which hoteliers and restaurateurs are able to charge top dollar, keep the place full. That’s when they pack away the profits they’ll need to make their lease or mortgage payments throughout the rest of the year,” says Harper, who adds that there are indications that it’s a good July this year.
In this week’s Economic Report, Dr. Rick Harper discusses the latest first quarter revision of the gross domestic product (GDP). According to the Bureau of Economic Analysis, GDP shows a 2.9% drop in the annual rate in January through March, the weakest quarter for the U.S. economy since the Great Recession.
In this week’s Economic Report, Dr. Rick Harper begins with the latest from Federal Reserve Chairwoman Janet Yellen.
On Wednesday, Yellen announced that the Fed will continue its current monetary policy, cutting its monthly bond purchases by another $10 billion per month and keeping its key federal funds rate near zero. Further, she told a news conference that inflation was expected to move gradually back to the central bank's 2 percent target.