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Wells Fargo economist gives U.S. business sector a ‘C’
Dawn Ouellette Nixon//January 29, 2020//
The financial health of the nation’s business sector got a “C” from Jay H. Bryson, managing director and acting chief economist for Wells Fargo Securities, the San Francisco-based capital market company.
During a speech at the Greater Lehigh Valley Chamber of Commerce‘s Economic Outlook at ArtsQuest in Bethlehem, Bryson said he does not see the U.S. headed for a recession in the near future, but profit growth has been flat for American businesses. That flat profit growth could leave the business sector vulnerable to shocks and downturns, he said, which can lead to layoffs and decreased consumer spending.
“This is not a, ‘Danger, Will Robinson!’” moment yet,” he said, referring to the science fiction television show “Lost in Space,” ”but the economy is not as resilient as it once was. Consider this not a warning but a heads up.”
Bryson also reported that the U.S. economy is currently in its longest economic expansion on record, with 127 straight months of growth dating back to 2009. The longest before that was the 120-month expansion that began in 1991.
Also at the Chamber event, Workforce Board Lehigh Valley Executive Director Nancy Dischinat said unemployment in the Lehigh Valley remains low at 4.7%. However, she cautioned that while there are a lot of jobs, wage growth needs to improve. The Lehigh Valley lags behind the state in wages and wage growth, she said.
Health care remains the top employer in the Valley, with manufacturing and the retail trade coming in second and third.
GLVCC President and CEO Tony Iannelli, who opened the event, said that the Lehigh Valley chamber is in the process of merging with the Nazareth Chamber of Commerce, and has grown to become the sixth largest Chamber of Commerce in the United States.
