Economists: U.S., Arkansas economies not likely to see recession in 2023

by Kim Souza (ksouza@talkbusiness.net)

According to three economists who spoke Friday (Jan. 27) at the 29th annual Arkansas Business Forecast Luncheon held in Rogers, Arkansas and the U.S. will likely avoid economic recession primarily because of continued job and wage growth.

Around 1,000 people attended the event, according to officials with the Center for Business and Economic Research (CBER) at the Sam M. Walton College of Business at the University of Arkansas.

Simmons Foods CEO Todd Simmons was the moderator for the event and said three areas of concern from his perspective included the need for affordable housing in Northwest Arkansas to ensure people continue to move here. He also said the region’s population growth over the past decade has taxed transportation infrastructure, and keeping up with the higher demand is crucial to ongoing growth. Lastly, he said workforce development is imperative for the region’s future growth.

https://talkbusiness.net/2023/01/economists-u-s-arkansas-economies-not-likely-to-see-recession-in-2023/

State of the State 2023: Trucking industry braces for easing demand, recession

by Jeff Della Rosa (JDellaRosa@nwabj.com)

The trucking industry overcame multiple challenges in 2022, including some surprises, as the industry shifted from the COVID-19 pandemic into something more normal. With 2022 in the rearview, 2023 brings uncertainty and rising recession risk.

Shannon Newton, president of the Arkansas Trucking Association, said 2023 is not expected to be as healthy financially as 2022, especially in the first half of 2023. She’s hopeful the softer demand will begin to return to more normal levels and leads to growth opportunities by the end of the year.

“There’s a healthy amount of uncertainty,” said Newton, noting the economic forecasters who are predicting a recession in 2023. “Whether it is deep or wide or short or long, I think the opinions vary. But I think the industry expects there to be a recession of some sort in the early part of 2023.”

https://talkbusiness.net/2023/01/state-of-the-state-2023-trucking-industry-braces-for-easing-demand-recession/

Economists predict ‘mild recession’ as Arkansas gears up for 2023 legislative session

KUAR | By Wesley Brown / Arkansas Advocate

A mild recession and a holiday spending hangover. That’s what economic forecasters predict for 2023 as lawmakers head to the state Capitol in January.

Rising interest rates and persistent inflation will push the economy into a downturn, experts say, and those economic clouds could also cause the 94th General Assembly to consider any robust spending programs in light of a possible nationwide slowdown.

As Gov. Asa Hutchinson winds down his administration, he recently reported to lawmakers that Arkansas’ budget coffers are overflowing with $2.78 billion of reserve funding.

https://www.ualrpublicradio.org/local-regional-news/2023-01-04/economists-predict-mild-recession-as-arkansas-gears-up-for-2023-legislative-session

Photo Courtesy Gov. Asa Hutchinson/Arkansasadvocate.Com

Arkansas Gov. Asa Hutchinson (left) and Sen. Jonathan Dismang (R-Beebe) talk before Hutchinson presents his fiscal year 2024 state budget at the Nov. 10, 2022, meeting of the Legislature’s Joint Budget Committee. The budget projects a surplus despite forecasts of a mild recession in 2023.

Arkansas nonprofits prepare for possible recession, shift in giving

KUAR | By Antoinette Grajeda / Arkansas Advocate

Philanthropic giving remains fairly steady for many Arkansas nonprofits despite continuing inflation and the possibility of a recession.

While several organizations are on track to meet their fundraising goals, some have experienced slight dips in support. But they’re not yet concerned because December is traditionally a busy time for charitable donations.

“Whether we step into a recession or not, I don’t worry about the generosity of Arkansans or what giving rates will be because historically they’ve been very good to the nonprofits in their communities,” said Jessica Ford, Arkansas Community Foundation’s chief communications officer.

https://www.ualrpublicradio.org/local-regional-news/2022-12-28/arkansas-nonprofits-prepare-for-possible-recession-shift-in-giving

Food Bank Of Northeast Arkansas

Volunteers collected items for the Food Bank of Northeast Arkansas’ annual food drive in November.