Monday, December 5, 2022

Regional Economic Forecast is Mostly Cloudy With A Chance of Recession

YORK-The economy is “quite strange right now,” said Greg Grootendorst, chief economist with the Hampton Roads Planning District Commission, who presented a sobering update to the York County Board of Supervisors during its work session on Tuesday, October 4. “We’re kind of in an unprecedented place.”

Grootendorst based his murky conclusions on conflicting economic indicators: two consecutive quarters of negative gross domestic product (GDP) growth, which normally signals a recession, paired with steady, monthly gains in national employment.

“You can’t really have a recession if you’re gaining 500,000 jobs a month for two years,” he said.

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