Consumer confidence key to robust economy

Photo by Grant D. Crawford | Daily Press

Part of Esther George’s job is to assess the risks that could throw off the forecast. One of the first details she pays attention to is consumer confidence, which she said has dipped in recent months. She said the second risk she considers is how the rest of the world is not growing as rapidly as she thought…

Because what businesses decide to spend impacts the national economy, some people might wonder if a problem is forthcoming. George said the biggest complaint among business owners is that they cannot find enough people to either help them expand, or to fill current jobs to maintain operations. “It’s caused some businesses to begin to invest more in technology and capital, instead of people,” she said. “It’s caused businesses to get very creative about what they allow employees to do or the conditions under which they work. And so you can go back almost 50 years in the business surveys that we look at, and you will not see a time when employment has been consistently the No. 1 issue for businesses, and that is broadly across the country.” Although the labor market is tightening, policy makers feel somewhat comfortable that the U.S. economy is still in good shape. George said as long as consumers continue to spend, the economy is positioned to grow more over the next year. […]

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