2022 Mid-Year Economic Update

Thursday, July 14, 2022
Connor Lokar

Connor Lokar

Senior Forecaster
ITR Economics


Connor Lokar provided interesting insights into the current economy with the 2022 Economic Update. The update provided the good, the bad, and the ugly depending on the industry.

With all of the craziness in the market, the predictions in the Annual Economy Forecast from January are now being realized:

1. Rate of growth in the US is decelerating as the economy is returning to a moderate rate of growth.

2. Inflation & energy pricing were a concern to begin the year, and that concern continues mid-year.

3. The economy in the Pacific Northwest is continuing to slow down in 2022 and is showing to a more normal rate of growth from the high pace in 2021.

Connor discussed how consumer spending is slowing down and leveling out as predicted. However, consumer spending is showing some resilience by leveling out and not showing a steep rate of decline.

The sudden change in the rate of growth will be more profoundly felt in the areas like the Pacific Northwest that were experiencing high rates of growth, as the deceleration impacts and reduces growth rates to a smaller level.

An area of concern is the declining rate of consumer savings as rising inflation impacts consumers.

Inflation levels have been higher than previously experienced and are not projected to improve until


Depending on the industry some are companies are already experiencing slow-downs and it is expected the slow-downs will get worse before a normal rate of growth is reached. Companies that have not experienced the slow-downs will most likely experience the declines in 2023.

This presentation is packed with information and takeaways that every leader and corporate executive needs to know and as you look forward into Q-3 & Q-4 and 2023.

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