How Rising Prices will Impact the Economic Forecast for Spring 2023

Global economies are still reeling and the results of that have shown up the year-end reviews of how several markets have performed. Tim Snyder, Economist at Matador Economics, recently discussed a few of these notable changes and his predictions for this spring. His economic forecast: a lot of fluctuation. For example, the energy complex recently started high but fell back to a negative close. Snyder pointed out that he foresees a continuation of this trend due to many things in limbo.

“I don’t expect to see that scenario change a whole lot, as conditions are, for the most part, questionable right now,” said Snyder.

He cited that China will indubitably lead the way as they reported a three percent growth at the end of 2022 and stated that it offers some glimmer of hope because it ultimately means a forthcoming rise in some demands.

Snyder predicts that this spring, there will be an economic shift with increases and decreases, but cited hopes of high demands to have a major impact on that forecast.

“In a seasonal component to the energy complex, prices will rise. I think we may be seeing … possibly see $100 plus per barrel by mid-to-late spring this year. Retail gasoline prices were up on the week, 5.5 cents per gallon, and diesel prices at the pump were actually down two cents per gallon. That was a slight improvement, and this is of course on a national average.

“Adding to the upward pressure there is evidence United State’s economy is doing what I call accordioning. In other words, it’s going back and forth as this morning’s PPI’s report showed we had a slight improvement in wholesale inflation. PPI came in year over year at a plus 6.2 percent — the market expected 6.8 percent … There’s lots going on but the demand is pulling prices for crude oil and refined products higher as we move into the spring,” said Snyder.

Follow us on social media for the latest updates in B2B!

Image

Latest

banking & security integration
Insights From ISC West 2024: Embracing IT as the New Decision-Maker in Banking & Security Integration
April 18, 2024

At ISC West, banking & security integration was a hot topic. With cloud and AI advancements bringing forth new solutions, IT is fast becoming the new decision-maker. How can institutions leverage these technologies to comply with regulations and enhance market-specific functionalities? Jim Moran, the VP of PMG & PH at Verint Systems, posits the […]

Read More
Tech-mom journey
Tech-Mom Journey: From CERT to Stars, Inspiring the Next Generation with Desiree Baccus
April 18, 2024

In a world where technology and communication are paramount, the story of Desiree Baccus stands as a testament to the power of curiosity and adaptability. As a single mother who delved into the tech world to inspire her children, Baccus’ journey from the Community Emergency Response Team (CERT) to the realms of amateur radio […]

Read More
Third Inning: Whatever is Normal, Do The Exact Opposite
April 18, 2024

In a world where most businesses adhere to traditional practices, the Savannah Bananas baseball team stands out by doing the exact opposite. The organization’s philosophy is simple yet revolutionary: “Whatever’s normal, do the exact opposite.” This approach not only distinguishes them from competitors but also creates unforgettable experiences for their fans. Most companies stick […]

Read More
multifamily
Multifamily Housing is the Sustainable Solution for Rapid Population Growth in Nashville
April 17, 2024

As Nashville grapples with an explosive growth in population and a consequent strain on its housing market, the city is witnessing a shift from traditional single-family homes to more space-efficient multifamily units. This transition reflects a broader trend seen across various neighborhoods, with places like Germantown experiencing a significant 37.1% rise in home prices […]

Read More