What a difference a year makes. Chmura Economics & Analytics is forecasting slower U.S. growth in the gross domestic product and in employment. GDP growth should increase 1.9% in 2020, compared with 2.3% growth last year. Employment growth should be 1.1% this year compared with 1.5% in 2019. We expect employment growth in the state and Richmond metro area to be about the same as the nation in 2020.
Modern Monetary Theory postulates that countries such as the U.S. that issue their own currencies can simply issue more money to avoid the crowding-out problem.
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Despite businesses having uncertainty over tariffs and seeing somewhat slower economic growth, consumer spending continues to expand at a 2.9% annualized pace in the third quarter, according to the latest gross domestic product report.