Ryo Tashiro, of the Federal Reserve Bank of Philadelphia, presented an optimistic economic forecast to Northeast Berks Chamber of Commerce members on Jan. 20.
“We can be reasonably optimistic about the state of our economy, both for the U.S. and for Pennsylvania. We are very close to attaining maximum employment and our target inflation level,” said Tashiro.
Tashiro, Public Outreach Associate for Federal Reserve Bank of Philadelphia, was welcomed as the keynote speaker at the Northeast Berks Chamber of Commerce’s annual Economic Forecast Breakfast held in Kutztown University’s McFarland Student Union Building multipurpose room.
Tashiro’s presentation was divided up into GDP (gross domestic product,) employment, housing conditions, migration trends and inflation and monetary policy.
According to Tashiro, the GDP represents the total dollar value of all goods and services produced in the U.S. and is the broadest measurement to assess the overall health of the economy.
“The strong growth in consumption will continue to be the key driver of the U.S. economy,” he said “The gross domestic product forecast for 2017 is 2.2 percent, which I think is both reasonable and fairly good.”
Under employment, Tashiro’s presentation demonstrated that employment growth continues to be steady in the nation and in Pennsylvania, this excludes energy-related and manufacturing sectors.
According to the event release, the Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government in eastern Pennsylvania, southern New Jersey and Delaware.
“The Federal Reserve Bank of Philadelphia will continue to monitor economic data to attain our two goals, maximum employment and stable prices. I believe we are close to attaining both of them,” said Tashiro.
The Philadelphia Federal Reserve also works with communities in the Third District, which includes southern New Jersey, Delaware, and eastern Pennsylvania, to build a strong and healthy economy.
“We conduct research with the goal of better understanding the region and nation’s economic challenges, and convene community leaders to help find solutions,” said Tashiro.
The Philadelphia Reserve also works with public and private sector institutions to promote the safety, soundness and vitality economic and financial systems.
The recent election of President Donald Trump has conjured questions as to where the new administration will lead the economy.
“We have yet to know the specifics of the economic policy that the President and his new administration plan to pursue. Until that is clear, I think it is too early to tell what to expect,” said Tashiro.
Tashiro hopes that chamber members left with a deeper understanding of the various data used to assess the health of the economy.
“Meeting with community leaders like the Northeast Berks Chamber of Commerce informs our understanding of economic opportunities and challenges in the region. The Federal Reserve Bank of Philadelphia brings these essential insights to the national conversation about the economy,” he said.
Northeast Berks Chamber of Commerce Executive Director Lori B. Donofrio-Gallery said the Chamber of Commerce hosts the annual Economic Forecast Breakfast every January and coordinates with the Federal Reserve Bank of Philadelphia, which offers a presenter to provide a national and regional update as part of its Annual Meeting of Members.
Fleetwood Bank has sponsored the annual meeting for several consecutive years. The Economic Forecast breakfast has become one of the highest attended chamber events of the year.
Donofrio-Gallery hopes that chamber members will take away some of the major aspects of the presentation.
“Considering all the factors and trends presented, the economic outlook for 2017 is reasonably optimistic,” she said. “Ryo’s presentation was engaging and interactive. This was his first time as the chamber’s keynote speaker, and a number of members provided positive feedback afterwards.”
Prior to the keynote speaker presentation, the chamber held its annual meeting.
Northeast Berks Chamber of Commerce President Russell E. Farbiarz said the chamber has made a lot of progress over the past year with 74 people attending the 2017 meeting.
“We have increased our value due to that involvement,” said Farbiarz.
