In this week’s Economic Report, Dr. Rick Harper discusses the outlook for 2014. Harper expects this year to be a little bit better than 2013. “The main reason for that is that we’ll see less of a drag coming from the federal sector. The slow down in federal spending last year probably subtracted 1.5 percentage points from GDP (Growth Domestic Product) growth. We could have been up almost 4 percent," Harper says.
According to Harper, the shrinkage in government spending should be less in 2014, with some of the hardest hits already with Sequestration.
In this week’s Economic Report, Dr. Rick Harper discusses Florida’s general revenue estimate for Florida, which projects what the sales and use tax revenues will be. The latest forecast from state economists shows an increase o f$300 million relative to the summer projection.
In this week’s Economic Report, Dr. Rick Harper discusses holiday retail sales, noting that the forecast calls for a relatively soft season. Specifically, he says Cyber Monday shopping continues to grow at a higher rate than in stores, although the rate of growth is more modest than the 8 to 10 percent clip in years past. One of the marketing tools created to combat that trend is Small Business Saturday.