SPRINGFIELD, Illinois (WAND) — Gross domestic product (GDP) grew 2.9% in the fourth quarter of 2022 after growing 3.2% in the third quarter of 2022, according to the Bureau of Economic Analysis.
Kenneth Kriz, Distinguished Professor of Public Administration at the University of Illinois at Springfield, said the economy was returning to normal after the pandemic. However, dramatic ups and downs in inflation and spending are still spilling over into local economies.
“circlee’ve has a fast gringEconomic growth in 2021 was well over 5%. I think the annual average was 5.9% for him, which is unsustainable. This cannot be maintained. “
Kriz said layoffs are a big indicator of the health of the economy. He said central Illinois has avoided a major unemployment problem because it has a major industry.
“To We are somewhat blessed by the relative mix of industries in this particular round,” said Kriz.
He said some of central Illinois’ core industries, such as healthcare and government, can be difficult to track because they involve so many factors.
“Overall, layoffs are still a relatively low percentage of the workforce, and that’s actually a good sign,” Kriz said. One of the key metrics we look at is what we call layoffs versus quit rates: jobs.”
Chris explained that more people still quit their jobs than get fired. His advice for preparing for layoffs is to build a good emergency savings fund.
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