Economic Outlook Breakfast Presents “Cautiously Optimistic” Forecast

The continued growth of the US economy despite interest rate and inflation pressures gives cause for hope that recession can be avoided, according to Thomas Jalics, Managing Director & Chief Investment Strategist for Fifth Third Private Bank. He presented a data-driven overview of economic trends at the 2024 Economic Outlook Breakfast hosted by the Northbrook, DBR, Highland Park, Glenview and Wheeling Chambers of Commerce on April 25. Fifth Third Private Bank acted as Presenting Sponsor for the event, held at the Embassy Suites Hotel in Deerfield.

Jalics pointed to a number of positive signs in this year’s economic data, including a reduction in core inflation to just below 3 percent and continued job creation that has unemployment at near 50 year lows. While he stresses that prices and interest rates will not be returning to pre-pandemic levels unless the economy takes a severe turn for the worse, the availability of jobs will continue to support consumer spending and economic growth. The long term shortage of available labor, driven by declining birth rates, may push employers to look for automation opportunities. He also foresees growth in the midwestern manufacturing sectors, as businesses look to re-shore overseas operations that fell victim to supply chain failures during the pandemic.

“We were delighted to have Tom return as our speaker for the Economic Outlook Breakfast this year,” notes Kathi Quinn, Executive Director. “He has a talent for synthesizing information in a way that is accessible and engaging to a broad audience. He also responded to questions from attendees to make the event truly interactive. We appreciate the support of Lisa Bertagna, Director of Fifth Third Private Bank’s Northbrook office, in bringing Tom back for this very informative event for our members.”