Meyer, Unkovic & Scott Real Estate attorneys Grant Scott, Andrea Geraghty, and Kevin McKeegan hosted Mekael Teshome, Vice President and Senior Regional Officer of the Pittsburgh branch of the Federal Reserve Bank of Cleveland at the July 15 REAL Professionals Pittsburgh Mastermind Meeting.
The Pittsburgh region’s and U.S. economy is in good shape despite a regional labor gap in some industries. That was the message from Teshome during the July gathering of the Pittsburgh Mastermind Group. But he added the views he expressed are his own, and not that of the Federal Reserve.
“As we see softer numbers and there’s uncertainty with policy and trade there is a little chatter in the air. Are we headed toward something that’s cooling off or are we headed into a recession? I think we are headed toward something more sustainable, not a recession,” he said.
The growth rate has been slowing slightly, but part of that is due to the effects of the fiscal stimulus fading out. Most of the growth in the national economy in the last three months has been driven by consumer spending, which is a good driver, he said.
Also, the job market is strong in that numbers indicate there are more than enough available jobs to accommodate the labor force. Regionally, however, there is a shortage of workers in some industries, such as construction.