web1_TTL032217meyers.som_.jpg

Meyers announce Students of the Month

web1_wyomingarea.jpg

Sarah J. Dymond playground equipment an issue for Wyoming Area

<p>PLAINS TWP. &#8212; A continuation of slow and steady growth of the U.S. economy was predicted by economist Dr. Jay Bryson during Wednesday&#8217;s 2017 Wells Fargo Economic Outlook Breakfast, sponsored by the Greater Wilkes-Barre and Greater Scranton chambers of commerce and held at The Woodlands Inn &amp; Resort.</p><p>&#8220;The U.S. economy has been expanding for seven, going on eight years,&#8221; he said. &#8220;Officially now it is the third longest expansion in the post-war era, and I think if it continues to go for another year or so, it will actually become the longest expansion.&#8221;</p><p>Bryson, managing director and global economist for Wells Fargo Securities, said the outlook is dependent on policy, though the lack of details about proposed policy changes from President Donald Trump means the forecast is subject to change.</p><p>Bryson said the economy has grown about 2 percent annually over the last seven years, &#8220;which is kind of slow, but you know, slow and steady nonetheless. And that&#8217;s our base case forecast, it&#8217;s kind of more of the same.&#8221;</p><p>Unemployment is down to under 5 percent nationally, which Bryson said some consider as &#8220;100 percent employment.&#8221; In turn, wage rates have also increased within the last decade.</p><p>Growth in consumer spending should remain stable, according to Bryson. This could be aided by Trump&#8217;s proposed personal tax cuts, which provide consumers with more disposable income. However, Bryson said the lack of details from Trump about the proposed tax plan and its lack of priority on the president&#8217;s agenda means the potential for the tax plans to affect the economy may not be realized until later in his term.</p><p>Bryson said there&#8217;s no recession in his forecast in the next two to three years, but using history as a guide for trends, he said there may be a recession within the next six years. He said changes in policy, like changes to trade laws, could lead to a recession.</p><p>While Bryson admitted to not knowing the local economy in depth, he did say the region tends to mirror the economic activity of the country as a whole.</p><p>&#8220;It expands and contracts along with the nation,&#8221; he said.</p><p>Bryson said it&#8217;s a positive time now for small business owners, but recent and upcoming rate hikes from the Federal Reserve may negatively affect entrepreneurs in the future.</p><p>Joseph Boylan, vice president of economic development of the Greater Wilkes-Barre Chamber of Commerce, said while the outlook may change over time, it&#8217;s the responsibility of the chamber and similar programs to help business owners maintain their success.</p><p>&#8220;As an organization we have to be nimble, we have to be flexible, we have to have that ability to provide what our businesses need,&#8221; said Boylan.</p><p>Bryson also said that raising the minimum wage, as proposed by Gov. Tom Wolf, may end up hurting those intended to be helped by such a measure.</p><p>&#8220;People who are trying, who have low skills, who are trying to get into the labor force for the first time, they tend to work at the minimum wage,&#8221; he said. &#8220;And if you&#8217;re pushing the minimum wage up, what that tends to do is encourage businesses into automating more.&#8221;</p><p>Wico van Genderen, president and CEO of the Greater Wilkes-Barre Chamber of Commerce, believes the Wilkes-Barre area is building momentum. He said the area&#8217;s diversity in industries, such as manufacturing, healthcare and service industries, aids in the stabilization of the local economy.</p><p>&#8220;When one sector goes down, another one goes up,&#8221; he said. &#8220;There&#8217;s a balance in case the pendulum swings too much to the other side.&#8221;</p><style>
.neFileBlock {
	margin-bottom: 20px;
}
.neFileBlock p {
	margin: 0px 0px 0px 0px;
}
.neFileBlock .neFile {
	border-bottom: 1px dotted #aaa;
	padding-bottom: 5px;
	padding-top: 10px;
}
.neFileBlock .neCaption {
	font-size: 85%;
}
</style>
<div class='neFileBlock'>
<div class="neFile"><img class="neImage" src="https://www.timesleader.com/wp-content/uploads/2017/03/web1_IMG_5082.jpg">
<div class="neCaption">Dr. Jay Bryson, left, managing director and global economist for Wells Fargo Securities, talks to members of the Greater Wilkes-Barre and Greater Scranton chambers of commerce during Wednesday&#8217;s 2017 Wells Fargo Economic Outlook Breakfast at The Woodlands Inn &amp; Resort in Plains Township. </div></div><div class="metaInfo"><photo0>https://www.timesleader.com/wp-content/uploads/2017/03/web1_IMG_5082.jpg</photo0><caption0>Dr. Jay Bryson, left, managing director and global economist for Wells Fargo Securities, talks to members of the Greater Wilkes-Barre and Greater Scranton chambers of commerce during Wednesday&#8217;s 2017 Wells Fargo Economic Outlook Breakfast at The Woodlands Inn &amp; Resort in Plains Township. </caption0><photoCredit0>Sarah Hite Hando | Times Leader </photoCredit0></div></div>
<div class="metaInfo"><bylineMeta><p>By Sarah Hite Hando</p><p>shando@www.timesleader.com</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Reach Sarah Hite Hando at 570-704-3945.</p></shirttailMeta></div>

Economist says slow, steady growth should continue at chamber event in Plains Twp.