LOUISVILLE, Ky. — Greater Louisville Inc. gave their bi-annual regional economic update Thursday and found that some of Louisville's businesses are already feeling the stress from even just the mention of a recession.
This regional economic update came amid high inflation nationally and multiple interest rate hikes by the Federal Reserve in 2022.
A looming recession was on everyone’s mind at the update, with some hoping, that if there is one, it won’t last long.
Greater Louisville Inc. COO Rebecca Wood said some economists have already said we’re in a recession but that we haven’t been calling that.
“So if we start to call it that, it creates more of that stress and I definitely think our small businesses and large businesses are already feeling the effects of that, the high levels of inflation our employers are experiencing, and I think with everything we’re hearing, is that hopefully this will be a short recession and it’s going to be something we can rebound out of quickly,” she said.
The October inflation report revealed prices are up 7.7% since last year – a drop from the 8.2% in the September report – and it’s the first time inflation was below 8% since February.
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