In the summer of 2022, the hottest beach read may be the news feed from your favorite news source, or at least that's what Plastics News Economics Editor Bill Wood says.
With the Federal Reserve expected to raise interest rates again this week, economics news is especially high profile. But while some fiscal details are known — like global inflation — others are hard to define. Other plot points from the summer are downright confusing.
Normally in a recession, if that's what we're really in at this point, you would see unemployment rates climbing and a decline in spending, Wood said during the July Numbers That Matter Live webcast July 26. Instead, employers are still having problems finding enough workers to fill open jobs while sales for many industries — with key exceptions like electronics and housewares — remain strong.
"Here's the crux of it," he said. "It's almost impossible in real time to discern between a slowing economy and a recession. The line when it crosses over into recession is not sharp and distinct. Some industries hit it and they're already in recession. ... Some are good."
You can get more of Bill's take on the economy, as it currently stands, by watching the replay of the webcast. It's free for PN subscribers.