(PartiallyPolitics.com) – Nancy Lazar, chief global economist at Piper Sandler in a recent interview with Fox News Digital discussed the U.S. economy and what will be required for its recovery.
As she pointed out, the high cost of living, and increased prices for groceries and gas have had an effect on the wallets of many American families. The economist warned that most likely people need to be prepared for the economy getting even worse. She added that it is necessary for people to save their pennies as things will become more “painful” before the economic situation gets better. As she noted it is important for people to be focused on their savings rather than go into more debt.
When asked about one word that could describe the current state of the economy, Lazar used the term “overheating” arguing that it was likely that there was a drop in manufacturing, and the prices for everyday goods had increased sharply. She further added that the labor market was “too tight” due to all the government spending.
Moody’s Analytics in a new analysis determined that on average consumers have been spending $709 more for everyday items in July of 2023 when compared to two years ago. Harvard’s Joint Center for Housing Studies data also determined that one-third of U.S. households were spending on housing more than 30 percent of their income in 2021. Many Americans are also waiting to have children which has led to a decline in the national birth rate causing several maternity wards to be closed.
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