Fiscal maneuvering by Utah lawmakers during the 2022 legislative session helped the state build a budgetary bulwark should the nation’s economy slip into a recession.
Utah lawmakers are worried how rising inflation and a possible recession could impact the state's economy. They've set aside more than $1 billion in several rainy-day funds in anticipation of an economic downturn., legislative leaders paid off more than $500 million in debt and added nearly $400 million more to various funds to give them some flexibility if economic conditions begin to deteriorate.
It’s still uncertain whether the current inflationary cycle is temporary or permanent. Dr. Maddy Oritt, a senior economist for the Utah Legislature, says psychology plays a big role in that determination. It’s not all bad news, though. Overall employment in Utah has increased by 4% over the past year, while the state’s unemployment rate is sitting around 2%, compared to the national average of 3.6%. The employment silver lining has a corresponding dark cloud though, as legislative leaders were warned job growth and low unemployment usually leads to wage growth, which could have a chilling effect on the state economy.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Lehi man pleads guilty to fraud, conspiracy charges that originated in Utah, New JerseyA Utah man facing numerous felonies connected to white collar crimes has pleaded guilty to charges in two separate fraud cases, one originating in Utah and the other in New Jersey.
Les mer »
Teen dies after being buried alive in Utah sand dune tunnel13-year-old Ian Spendlove died after being buried alive while trying to dig a tunnel in a Utah sand dune.
Les mer »
Unaffordable Utah: Budget-friendly family summer funAfter two summers of pandemic restrictions, families wanting to travel this summer will face new obstacles: inflation, high gas prices and expensive plane tickets.
Les mer »
Busy and dangerous Memorial Day Weekend expected for Utah travelersAccording to the American Automobile Association, nearly 40 million Americans are expected to hit the road and drive at least 50 miles this upcoming Memorial Day Weekend.
Les mer »