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Tracking the twists and turns in the economy with PNC economist Abbey Omodunbi


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PNC senior economist Abbey Omodunbi. Photo: PNC


Rising inflation, supply chain issues, and the great resignation and labor shortages have been some of the defining factors of the economy in 2021. Looming over it all is COVID-19 with the threat of new variants adding to the uncertainty. So what’s the outlook for 2022, two years after the pandemic threw a wrench in the economy? 

“It’s been a very uneven recovery,” says PNC senior economist Abbey Omodunbi.

“Using GDP, we’ve exceeded the pre crisis level of GDP. Now, also, you know, looking at consumer spending on goods, we’re above the pre crisis level.”

On the other hand Omodunbi says there are about 3 million fewer jobs in the labor market, although he expects the labor shortage to resolve in 2022.

Florida’s tourism economy still hasn’t fully recovered from the pandemic either.

“Many countries still have restrictions and it’s just a hassle, even just traveling internationally now, with tests and vaccinations and so on. So, I mean, these are some of the factors affecting Florida’s economy.”

Inflation and supply chain issues are also having an impact, but Omodunbi says he believes those factors will be less of a drag on the economy in 2022.

“I feel that consumers are very well positioned to continue to drive the US economy in 2022,” he says.

 


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