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The Fed’s Interest Rate Decision Due Today: Is Inflation Creeping Back Up? | Media Advisory
Recent economic indicators suggest a worrying trend: inflation may be on the rise again. This media alert calls on journalists to investigate the underlying causes of this potential uptick, its implications for consumers, businesses, and policymakers, and the measures being taken to mitigate its impact. The discussion will span from the basics of inflationary pressure to the real-world effects on the cost of living and economic stability. Key areas of interest include: Drivers of Inflation: Identifying the economic factors contributing to the increase. Impact on the Average Consumer: How rising prices affect daily life and purchasing power. Government and Central Bank Responses: Policies and actions to curb inflation and protect the economy. Global Inflation Trends: Comparing the situation with inflationary trends in other countries. Investor Sentiment and Market Reactions: The financial markets' response to inflation fears. Long-Term Economic Outlook: Projections for the economy in light of potential inflationary pressures. For journalists seeking research or insights for their coverage on this topic, here is a select list of experts. Isabella Weber Associate Professor of Economics · University of Massachusetts Amherst John T. Harvey Professor · Texas Christian University Narayana Kocherlakota Lionel W. McKenzie Professor of Economics · University of Rochester James G. Devine Professor Emeritus of Economics · Loyola Marymount University To search our full list of experts visit www.expertfile.com Photo by engin akyurt
MEDIA RELEASE: Voting for the 12th Annual CAA Worst Roads campaign is now open
Tired of swerving around potholes? Are you worried about your safety as a cyclist or pedestrian? Voting is now open for the annual CAA Worst Roads campaign, and CAA Manitoba is giving citizens the opportunity to voice their concerns about the bad roads in their communities. “Our research shows that 83 per cent of Manitobans vent their concerns about the state of roads either to their spouses, friends, co-workers or mechanics while very few (only three per cent) express their frustrations with local government officials and decision-makers,” says Ewald Friesen, manager government relations CAA Manitoba. “As we kick off another year of the CAA Worst Roads campaign, we are calling on all Manitobans to vote for their Worst Roads today and join the community of drivers, cyclists, transit riders and pedestrians committed to improving our roads and keeping our elected representatives accountable.” Those surveyed say they spent $962 on average to repair their vehicle. A survey conducted by CAA Manitoba found that 54 per cent of members in the province have experienced vehicle damage because of poor roads, with 70 per cent paying out of pocket to repair, only 16 per cent filing a claim with MPI and 14 per cent forgoing repairs altogether. “Either because of affordability or availability, many people are holding on to their cars a little longer these days; the last thing they should worry about is expensive repair bills on the already stretched family budget. While inflation rates have cooled, many of us are dealing with higher cost of living, making the investment in roads and supporting infrastructure more important than ever,” adds Friesen. The damage to a vehicle caused by a pothole can range from $500, with some fixes topping $2,000, depending on the make and model of the car. Those surveyed say they spent $962 on average to repair their vehicle. “We know that the campaign works and that decision-makers are listening. Since its inception in 2012, we have seen roads placed on the top ten list and come off with upgrades and repairs. The CAA Worst Roads campaign has been a vital platform for road users across Manitoba to nominate and vote for roads they believe are in urgent need of repair.” Read about CAA Manitoba’s Worst Roads Success Stories Manitobans can vote on issues ranging from congestion, potholes, poor road signs and the timing of traffic lights to pedestrian and cycling safety. Nominations for the Worst Roads campaign can be submitted online at www.caaworstroads.com from March 19 until April 12. Once the nominations are collected, CAA Manitoba will compile a list of the province's top 10 worst roads, which will be announced to the public. CAA conducted an online survey with 1,205 CAA Manitoba Members between January 10 to 19, 2024. Based on the sample size and the confidence level (95 per cent), the margin of error for this study was +/-3 per cent
Ask the expert: 2024 economic outlook
Although the economy has improved since the COVID-19 pandemic, inflation has been a challenge for many Americans throughout 2023 and the economy remains a top issue ahead of the 2024 election. Experts are already making predictions about interest rates, inflation and the market for next year. Antonio Doblas Madrid is an associate professor in the Department of Economics in Michigan State University’s College of Social Science. He reflects on the economy this past year and answers questions about what you can anticipate about the economy in 2024. What are a few of the most memorable economic events of 2023? The economy in 2023 reminds me of Rocky Balboa, the boxer with a strong chin from the Rocky films who, despite getting hit over and over, keeps moving forward. A year ago, the consensus prediction among investors and professional forecasters was slower growth and higher unemployment. Inflation was still above 6%, the Federal Reserve increased interest rates to one of the highest rates in 40 years, and the stock market ended 2022 in the red. Many observers said a ‘soft landing’ was a pipe dream and a recession inevitable. The year 2023 brought its own set of challenges. To name a few, a debt ceiling standoff started in January and continued until May, bringing the government dizzyingly close to default and causing a ratings downgrade. In March, the failure of Silicon Valley Bank started a crisis that, had it not been contained by a historic expansion of deposit guarantees, would have spread through the system and taken down the economy. A war broke out in Gaza. A large-scale auto workers strike temporarily shut down large parts of the sector. And the economy of China, a major trading partner, decelerated. Given all this, it is remarkable how good the numbers look right now. Inflation has steadily fallen to around 3% and is now within striking distance of the 2% target. The most recent gross domestic product, or GDP, report shows a robust 3% year-on-year growth rate, the unemployment rate remains at 3.7%, and the stock market has made a roaring comeback. The numbers look stronger than those of other major advanced economies, such as the eurozone, the United Kingdom, Japan or Canada. However, it is too early for a victory parade. The fight against inflation is not over, monetary policy has long and variable lags and, even in a strong economy, many people are struggling. But, thus far, it is hard to imagine a softer landing than 2023. What’s expected to happen with the economy in 2024? With the usual caveat that even the best predictions have a margin of error, professional forecasters see the economy still growing in 2024, albeit more slowly. The numbers hover around 1.5% for real GDP growth and 4% for the rate of unemployment. This paints a picture of moderate growth, and a labor market that, while no longer crushing records, is still within the range of what can be called full employment. What’s predicted to happen with inflation? Forecasters and market-based measures of expectations both predict that inflation is likely to continue falling gradually in 2024, to about 2.5%. Thus, the inflation shock that hit the economy is expected to continue fading, although it may take some time to go that last mile from 3% to 2%. The Fed also appears to be quite optimistic on inflation, given its latest forward guidance. What will happen with interest rates in the new year? The Fed expects inflation to fall quickly, so quickly, in fact, that it has started to reverse the hawkish policy of the last two years in its forward guidance. This means that, although the Fed has not lowered interest rates yet, it has started talking about the possibility of rate cuts — three of them — in 2024. With the economy still at full employment, this clearly means that the Fed is expecting inflation to continue to fall. How could the presidential election affect the economy? There is a popular belief that election uncertainty is detrimental to the economy, but we do not really see that in the GDP data. Growth rates in presidential election years are not lower than average. On average over the last few decades, there is a small negative effect on the stock market in election years, but it disappears in the 12 months following the election, regardless of which party is elected. What economic words of wisdom can you share for 2024? It seems to me that the perception of the economy is worse than the reality. So, I would recommend stepping away from the noise and looking at the data for some objective measures. As far as saving for retirement goes, I think mainstream financial advice is solid. So, listen to your financial advisor if you have one. If you don’t, that’s okay, it is not that hard. There are many free tools, like retirement calculators, to help you figure out how much to set aside monthly. Take advantage of employer-provided and tax incentives. Invest mostly in stocks when young, gradually switching to fixed income as you age. For equities, follow a passive strategy. Buy and hold index funds. Do not try to pick stocks or time the market. If you are at the fixed-income stage, you may want to open a high-interest CD to lock in a high rate before the Fed starts cutting rates again. Finally, set up your contributions automatically draw, stop thinking about money for a few months and invest instead in nonfinancial assets, like relationships and health. Looking to know more about the economic outlook for 2024 or do you want to connect with Antonio Doblas Madrid? To schedule an interview - simply contact Jack Harrison, Public Relations Coordinator today.
MEDIA RELEASE: CAA Manitoba Survey Reveals Troubling Lack of Travel Insurance Preparedness
A recent member survey conducted by CAA Manitoba has unveiled concerning statistics regarding the lack of travel insurance awareness and preparedness. Despite the financial risks associated with travelling unprotected, the survey found that 38 per cent of members in Manitoba who travel don’t always purchase emergency medical travel insurance, highlighting a potential vulnerability. "In a world of uncertainties, our survey highlights a critical gap in travel preparedness among Manitobans," says Susan Postma, regional manager, CAA Manitoba. "At CAA, we believe in empowering travellers with knowledge so they can explore confidently and securely." The survey also discovered that almost a quarter of respondents (24 per cent) ventured on their last trip outside the province without any form of travel insurance, exposing themselves to potential financial burdens in case of emergencies. CAA Manitoba is launching its inaugural CAA Travel Wise Week In response to these findings, CAA Manitoba is launching its inaugural CAA Travel Wise Week to emphasize the crucial importance of travel insurance education. The campaign aims to inform and educate Manitobans on the risks of inadequate coverage and provide valuable insights into securing appropriate protection for their travel adventures. According to claims data from Orion Travel Insurance, the average cost of a medical claim has increased by 14 per cent since 2019. “Costs associated with everything from an ear infection to the use of an air ambulance have risen over the last few years due to medical inflation, underscoring the continued importance of travel insurance for life’s unexpected complications,” says Postma. As part of the CAA Travel Wise Week, CAA Manitoba has curated a list of the top ten tips to help individuals stay protected against common travel concerns: Top 10 Tips for Travel Protection: Make sure all your documentation is in order before you book. It is recommended passport renewals be completed six months before your planned trip. Your passport should still be valid six months after your travel date, as this is required in several countries. Read up on Government of Canada travel advisories for your destination. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. Individual travel advisories remain on a country-by-country basis. Speak with your physician to discuss your travel plans. Speak to your physician to ensure you are up to date with needed travel vaccines and have them prescribe enough medication for the length of your trip. Ensure all the medication you take is packed in your carry-on and in its original bottles with labels intact. Consider purchasing travel insurance at the time of booking your trip. To lock in the best protection, book your travel insurance at the same time you book your trip. Doing so will give you the peace of mind that both you and your investment are protected. Insurance must be in place before things go wrong for you to benefit from coverage. Know the cancellation policies for everything you booked. Make sure you understand any key dates related to cancellation and changes, this includes accommodation, flights, car rentals, tours, cruises. Get to the airport early. CAA recommends arriving at the airport at least two hours before domestic flight departures and at least three for international flights. Check limits or restrictions. Travel insurance is often touted as a perk for certain credit cards but can be drastically limited to both benefits and the sum insured. Check limits or age restrictions on credit cards, employee benefits, and pensions to determine if you need additional travel insurance coverage. Stay connected. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad. Find these and more information at www.caamanitoba.com/travel Note emergency contact numbers. Provide your travel agent with contact details while travelling abroad and keep all important phone numbers handy; this includes how to call for help and your travel insurance assistance phone number. Protect your ID. Make sure you have a digital version and paper version of your travel insurance wallet card, tickets to various events and attractions and even your passport. You may also want to leave a copy of important paperwork with family members or friends. For more information, visit www.caamanitoba.com/travelwise The survey was an online quantitative survey done with the CAA Members Matter Panel in Manitoba between September 22 - 29, 2023. The margin of error for a sample of this size is plus or minus 4.0% at the 95% confidence level.
MEDIA RELEASE: CAA Survey Reveals Troubling Lack of Travel Insurance Preparedness
A recent member survey conducted by CAA South Central Ontario (CAA SCO) has unveiled concerning statistics regarding the lack of travel insurance awareness and preparedness. Despite the financial risks associated with travelling unprotected, the survey found that 40 per cent of members in Ontario who travel don’t always purchase emergency medical travel insurance, highlighting a potential vulnerability. "In a world of uncertainties, our survey highlights a critical gap in travel preparedness among Ontarians," says Kaitlynn Furse, director of corporate communications at CAA SCO. "At CAA, we believe in empowering travellers with knowledge so they can explore confidently and securely." The survey also discovered that almost a quarter of respondents (23 per cent) ventured on their last trip outside the province without any form of travel insurance, exposing themselves to potential financial burdens in case of emergencies. Additionally, 33 per cent of people who travel with travel insurance relied on the coverage provided by their credit cards, raising concerns about coverage limitations, especially for those over 65. CAA SCO is launching its inaugural CAA Travel Wise Week In response to these findings, CAA SCO is launching its inaugural CAA Travel Wise Week to emphasize the crucial importance of travel insurance education. The campaign aims to inform and educate Ontarians on the risks associated with inadequate coverage and provide valuable insights into securing appropriate protection for their travel adventures. According to claims data from Orion Travel Insurance, the average cost of a medical claim has increased by 14 per cent since 2019. “Costs associated with everything from an ear infection to the use of an air ambulance have risen over the last few years due to medical inflation, underscoring the continued importance of travel insurance for life’s unexpected complications,” says Furse. As part of CAA Travel Wise Week, CAA SCO has curated a list of the top ten tips to help individuals stay protected against common travel concerns: Top 10 Tips for Travel Protection: Make sure all your documentation is in order before you book. It is recommended passport renewals be completed six months before your planned trip. Your passport should still be valid six months after your travel date, as this is required in several countries. Read up on Government of Canada travel advisories for your destination. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. Individual travel advisories remain on a country-by-country basis. Speak with your physician to discuss your travel plans. Speak to your physician to ensure you are up to date with needed travel vaccines and have them prescribe enough medication for the length of your trip. Ensure all the medication you take is packed in your carry-on and in its original bottles with labels intact. Consider purchasing travel insurance at the time of booking your trip. To lock in the best protection, book your travel insurance at the same time you book your trip. Doing so will give you the peace of mind that both you and your investment are protected. Insurance must be in place before things go wrong for you to benefit from coverage. Know the cancellation policies for everything you booked. Make sure you understand any key dates related to cancellation and changes, this includes accommodation, flights, car rentals, tours, cruises. Get to the airport early. CAA recommends arriving at the airport at least two hours before domestic flight departures and at least three for international flights. Check limits or restrictions. Travel insurance is often touted as a perk for certain credit cards but can be drastically limited to both benefits and the sum insured. Check limits or age restrictions on credit cards, employee benefits, and pensions to determine if you need additional travel insurance coverage. Stay connected. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad. Find these and more information at www.caasco.com/travel. Note emergency contact numbers. Provide your travel agent with contact details while travelling abroad and keep all important phone numbers handy; this includes how to call for help and your travel insurance assistance phone number. Protect your ID. Make sure you have a digital version and paper version of your travel insurance wallet card, tickets to various events and attractions and even your passport. You may also want to leave a copy of important paperwork with family members or friends. For more information, visit www.caasco.com/travelwise The survey was an online quantitative survey done with the CAA Members Matter Panel in Ontario between September 22 - 29, 2023. The margin of error for a sample of this size is plus or minus 1.6% at the 95% confidence level.
2024 presidential and Michigan state elections: MSU experts can comment
MSU experts can discuss national political issues to the Supreme Court and constitutional issues to Michigan's state politics and races The 2024 presidential election is in full swing. As President Joe Biden is set to cruise to the Democratic nomination and former President Donald Trump is likely poised to receive the Republican nomination, 2024 is setting up to be a rematch of 2020. Michigan’s primary is now earlier on the calendar, Feb. 27, with the Republicans holding a caucus to award their remaining delegates on March 2. Despite being a presidential election year, Michigan has important statewide elections. An open U.S. Senate seat, vacated by retiring Sen. Debbie Stabenow, could tip the balance of power in the Senate, potentially deciding which party holds the majority. Michigan’s seventh and eight congressional races have incumbents leaving office, making those set to be some of the most nationally watched and funded races nationally. The state House currently has an exact bipartisan split, setting up races with very high stakes. Michigan State University experts are available to comment on many issues of the presidential election including: political parties and their evolution, campaign strategy and polling, Trump’s legal troubles and the U.S. Supreme Court, political diversity and messaging and local elections and voting. Additionally, several of these experts can comment on Michigan’s federal and state elections. General presidential and Michigan election issues Corwin Smidt is an associate professor of American politics and research methods in the Department of Political Science in the College of Social Science. He can comment on national elections and polling for the presidential election as well as statewide elections. Contact: smidtc@msu.edu "Michigan continues to trend toward being a battleground state, but right now it looks like a battle of attrition. Donald Trump's poll numbers really haven't improved as much since 2021 as Joe Biden's have declined, but Governor Whitmer's popularity remains high. The state Republican party continues to have fights over its management and will have a contested and possibly divisive Senate primary. Despite this, Republicans have a chance to pick up seats in the US House and state legislature because of Democratic retirements and ongoing redistricting changes." Matt Grossmann is the director of MSU’s Institute for Public Policy and Social Research and a professor of political science. He is an expert on a broad range of topics surrounding the 2024 election, including political parties ,campaigns and elections. He also oversees survey research, candidate development and legislative training at MSU. Additionally, he can discuss Michigan’s primary and elections. Contact: grossm63@msu.edu “The presidential nomination process evolved out of reforms to the delegate selection process for those conventions, which now means delegates are overwhelmingly selected based on presidential primary results. From the voters’ perspective, it often looks like any other election where you select your preferred candidate. But the parties still have power to coordinate their rules and selection procedures. Michigan has an opportunity to set the terms for future elections, showing that it can become engaged, with diverse interests, and earn the right to vote early in the process in 2028. Since Michigan does not have party registration, voters will be able to participate in the primary of their choice, which has provided an incentive for individuals to vote in the contest that presents the most uncertainty.” Read more from Grossmann on MSUToday. Dante Chinni is a research specialist in MSU’s School of Journalism and is the director of the American Communities Project in the College of Communication Arts and Sciences. He can discuss polling and changes in the parties over time, as well as the voting patterns among groups in specific places. He can also comment on various Michigan political issues. Contact: chinni@msu.edu “In Michigan, and in other states, the 2024 election will be determined by the margin of victory in different kinds of places. Can the Democrats get what they need out of the big city and college town communities, like Wayne, Ingham and Washtenaw counties? Can the Republicans get the numbers they need out of blue-collar middle suburbs, such as Macomb? The turnout and margins in those kinds of places, and others, will determine who wins in November.” Constitutional issues and the Supreme Court Jordan Cash is an assistant professor of political theory and constitutional democracy in James Madison College. He can comment on general requests about the presidency and national elections as well as issues surrounding the Supreme Court. Contact: cashjor1@msu.edu “The 2024 election is already shaping up to be one of the most unusual elections in American history, but one of the most unique aspects is the role that the judiciary is likely to play in the process. With former president and likely Republican nominee Donald Trump facing indictments at both the state and federal levels, the election season is as likely to be punctuated with legal news and updates as it is with campaign speeches and negative advertising. Moreover, the Supreme Court will be critical as it has heard or will likely be hearing cases surrounding whether states can disqualify Trump from the ballot under the 14th Amendment and whether he has absolute immunity from when he was president. When we also consider that President Joe Biden is facing his own investigations from House Republicans, the election seems poised to not only raise the political stakes but also considerable constitutional and legal questions.” Read more from Cash about presidential elections on MSUToday. Brian Kalt is a professor of law and the Harold Norris Faculty Scholar in the College of Law. He can comment on 20th Amendment issues, the electoral college and presidential prosecution and immunities. Contact: kalt@law.msu.edu “A lot of constitutional law questions that seemed purely theoretical are now front and center in our election campaign. Hopefully, the Supreme Court will move quickly and provide some clarity and certainty on these issues so that when November rolls around, voters can make a fully informed choice.” Ryan Black is a professor of American politics in the Department of Political Science in the College of Social Science, and a faculty affiliate in the College of Law. His expertise includes public opinion and the Supreme Court, and he can speak to appointments and vacancies. Contact: rcblack@msu.edu “Results of the 2024 election have the potential to profoundly shift the center of gravity in the politics of appointments to the federal judiciary, which includes, most importantly, the Supreme Court. There is no doubt that a president's most enduring legacy is who they put on the High Court, but confirmation politics today make the partisan makeup of the Senate a prominent roadblock in a president’s path to success.” Erica Frantz is an associate professor of comparative politics in the Department of Political Science in the College of Social Science. She is a specialist on issues and themes relating to authoritarianism. Contact: frantzer@msu.edu “Today’s democracies typically fall apart at the hands of their elected leaders, such that elections are critical focal points for understanding democratic trajectories. Importantly, research shows that where leaders come to power backed by personalist parties – or parties that are synonymous with the leader’s persona – the risk of democratic erosion increases substantially. For the U.S., this implies that the more the Republican Party becomes indistinguishable from Trump, the more American democracy is vulnerable to collapse from within should Trump return to the presidency.” Political messaging and diversity Dustin Carnahan is an associate professor in the College of Communication Arts and Sciences. His work focuses on how exposure to political information influences people’s attitudes, beliefs and decisions. His recent research focuses on how people come to encounter and believe misinformation and the effectiveness of messages designed to correct misinformed beliefs. Contact: carnaha9@msu.edu “While research suggests that political misinformation does not have a profound impact on voters’ decisions, the proliferation of misinformation can have more subtle effects on voters and elections – such as fostering toxic discourse around issues and candidates, promoting political polarization and distracting from more substantive matters. Concerns around misinformation are likely to be of great interest during the upcoming election cycle as advances in AI technology pose significant challenges to voters’ ability to identify what is real and what is fake.” Eric Juenke is an associate professor of American politics in the Department of Political Science in the College of Social Science. He can comment on issues relating to minority candidates, specifically the candidacy and election of minority candidates. Additionally, he teaches in the Chicano/Latino Studies program. Contact: juenke@msu.edu “While we do seem to have a rematch at the top of the ticket, with a vice president who is a woman of color and another vice president who has yet to be announced but could also be a woman candidate, we will be seeing a continued diverse candidate pool this cycle, I expect. It’s still early yet in the congressional races, but there should be a number of high-profile races in the country and in Michigan that should highlight a more diverse candidate pool. While the parties still have a long, long way to go in recruiting and supporting women and racial and ethnic minority candidates to run for office, the trajectory is positive.” Daniel Bergan is an associate professor and the director of master’s studies in the College of Communication Arts and Sciences, who also has an appointment in James Madison College. His research focuses on constituent communications with policymakers. Contact: bergan@msu.edu “When communicating with a policymaker, especially one with whom you disagree, you want to prevent them from discounting your opinion. One way to do this is by citing quality evidence to support your position. When contacting a policymaker about an issue, be aware that they may discount your opinion if they disagree. But note also that carefully crafted communications can convey your position without being written off — and could improve how accurately the policymaker understands public attitudes about public policies.” Read more from Bergan on MSUToday. Importance of local elections Sarah Reckhow is a professor of American politics in the Department of Political Science in the College of Social Science. She can comment on topics related to education policy in the presidential election. She is a specialist on local elections and school board elections. Contact: reckhow@msu.edu “Partisan polarization is having a growing impact on education politics, and we can see growing disagreement between Democrats and Republicans on key issues such as school choice and curriculum. This polarization is playing a role in elections, even nonpartisan school board elections, and it will be an important trend to watch in 2024.” Erin Kramer is the community liaison coordinator for MSU Community and Student Relations. She also advises MSUVote to support students and the local community voting. She can comment on efforts to promote voting efforts and resources that can be offered by universities and municipalities. Contact: kramere6@msu.edu “Michigan State University is home to MSUvote, an Initiative that strives to support students in their civic engagement. Student participation in voting is both a right and a responsibility. MSUvote is committed to getting out the vote,getting out the vote, reducing barriers to registration, and supporting all educational initiatives. Over the years, Michigan State has been fortunate to work with the East Lansing, Lansing, Meridian Township, and Bath Clerks to support our students in exercising their right to vote. Participation is foundational to the function of democracy, and we are committed to supporting students in that activity. MSUvote has hosted registration rallies, absentee parties, and worked to facilitate awareness of elections through multiple campus channels over the years to support participation and education. This year, the MSU STEM Building will be home to one of East Lansing’s Early Voting Centers, it will be operating Saturday Feb. 17 through Sunday Feb. 25.” Top issues for voters David Ortega is an associate professor in the Department of Agricultural, Food and Resource Economics in the College of Agriculture and Natural Resources, where he is also a faculty laureate. He can comment on consumer, producer and agribusiness decisions that affect the agricultural and food sectors, including the cost of food, which remains a concern for many Americans. Contact: dlortega@msu.edu “Persistent high food prices are a constant reminder of the economic difficulties facing voters. Although overall inflation has cooled and grocery price increases have moderated, food costs 25% more today than it did four years ago. And given the frequent nature of grocery shopping, food costs have a disproportionate impact on how voters perceive inflation.” Robert Brathwaite is the associate dean for research and an associate professor with a specialization in international relations in James Madison College. He can comment on foreign conflict and relations, including how it will impact U.S. policy and the presidential election. Contact: brathwa1@msu.edu “As the war between Russia and Ukraine approaches it two-year mark, the political and economic ramifications of this conflict are becoming more profound. Some political dynamics to watch this year associated with this conflict include changes in NATO’s military posture, political unity of the European Union, deepening Sino-Russian strategic cooperation, and the 2024 US presidential election. This conflict will also impact important global economic trends this year that include global energy supplies, food security, technology export controls, and the role of the US dollar in the global economy. More importantly, this ongoing conflict is a catalyst to evolving changes in the global security architecture with costs and consequences that are unknown.” Jason Miller is the interim chairperson of them Department of Supply Chain Management and the Eli Broad Professor in Supply Chain Management in the Broad College of Business. He can comment on various supply chain issues such as the impact of Suez Canal diversions on disruptions and inflation as well as the impact of tariffs on U.S. firms and consumers, as foreign conflict and trade are top of mind this presidential election. Contact: mill2831@broad.msu.edu “Business leader across industries ranging from manufacturing and mining to retailing are closely watching the 2024 election cycle, as the outcome could substantially shape the business landscape in the form of tariffs, foreign policy toward China and Russia, and the extent of military escalation in the Mideast. All of these policies affect strategic, long-term decisions regarding global sourcing, market entry strategies, and capacity and demand planning.” Antonio Doblas Madrid is an associate professor in the Department of Economics in the College of Social Science. He can comment on the economy and the effect of inflation, which remains a top issue for voters this year. Contact: doblasma@msu.edu “The economy and inflation is an issue on the minds of many Americans.Forecasters and market-based measures of expectations both predict that inflation is likely to continue falling gradually in 2024, to about 2.5%. Thus, the inflation shock that hit the economy is expected to continue fading, although it may take some time to go that last mile from 3% to 2%. The Fed also appears to be quite optimistic on inflation, given its latest forward guidance.” Read more from Doblas Madrid on the economy and inflation on MSUToday.
Expert Perspective: Augusta University professor gives annual economic outlook for the region
For the 16th year, Augusta University’s Cree-Walker Chair and Professor of Economics in the Hull College of Business Simon Medcalfe, PhD, has given his analysis of the Augusta area economy. The biggest thing on the minds of many remains the possibility of a recession and the overall inflation nationwide. Medcalfe thinks it probably won’t look a lot different in 2024 as it did in 2023. If anything, there may be less of a chance of a recession. “I think the chances of recession have probably slipped a little. I think there’s less chance of a recession,” said Medcalfe. “Inflation is certainly still a concern. It’s running at 3.2%, which sounds kind of low, but because of the amount of inflation, we’ve had prices about 20% higher than two years ago, and it’s still a concern and still eating into people’s wages.” He indicated, looking at Google Trends and what people are searching, inflation is still a pretty high concern. As for the Augusta region, Medcalfe pointed out that Columbia County continues to see a population increase and will likely have the largest population in the area by the end of the decade on current trends. As you would expect, as the population grows, so too does the number of businesses. Looking at the different sectors of employment in the region, he said things haven’t really changed. The only sectors that have seen more than a 2% change in the share of total employment over the last 20 years are education and health services. Medcalfe also pointed out that the manufacturing industry has seen a sizable increase since 2014. He said it was the same time the Starbucks manufacturing facility arrived in South Augusta but didn’t say that was the exact reason for the increase, just a point of reference for the manufacturing industry increased ever since. “Manufacturing has showed a large increase over the last ten years or so, past post-COVID as well. So now manufacturing employment in the local area is at the highest it’s been since I’ve been here,” Medcafe said. Some research that Hull College is undertaking is the intersection of health care and business. He said it’s important to the economy in our region since Richmond, McDuffie and Burke counties all rank towards the bottom of county health rankings in Georgia. “One of the things we are looking at here in the business school and in the new School of Public Health is what are the factors that influence the population’s health but aren’t clinical? There’s a lot of things that impact people’s health. There’s socio-economic status, there’s the environment they live in, there’s education, there’s health behavior and all this kind of stuff. “About 25% of the research out of Hull College is now looking at health maps because it’s important. Not just the health of the population, but it then impacts the economy because we have a labor shortage and how much of that labor shortage is actually because some people can’t work,” said Medcalfe. Looking to know more? We can help. Simon Medcalfe, PhD, is a highly regarded economics expert in the Hull College of Business at Augusta University. Medcalfe is an expert that can talk on the national economy, as well as Georgia. He is available to speak with media – simply click on his icon now to arrange an interview today.
Electric vehicles are hitting the streets, but there are potholes to avoid
No doubt about it, electric vehicles are coming and coming fast. Production of EVs has ramped up in the last couple of years but there are many issues that need to be addressed before they become the everyday choice for consumers. Richard Franza, PhD, professor of management at the Hull College of Business at Augusta University said the timing of EVs is contingent on a few things. “It’s not a question of if they’re coming, but how fast will they be here,” said Franza. “One is the speed at which there is infrastructure built for them. There are still not a lot of places to charge a car. We need more charging stations. Eventually, EVs will be predominant.” Franza added a second hurdle is how fast the federal government moves on emissions requirements that will cause consumers to phase out fossil fuel vehicles. Georgia has become one of the leaders in luring EV manufacturers to call the state home. Not just that, but the state is also drawing in companies that supply batteries and other components. “Any time you build a manufacturing or assembly facility, you automatically get the suppliers around them. Even before Georgia got the vehicle manufacturers, we already had a battery manufacturer, so Georgia already has a good network for the automobile industry,” said Franza. Amazon has already made a major investment in EVs and Franza expects other companies like FedEx and UPS, companies that have a fleet of vehicles, to make the switch to EVs as well, since they have more ability to set up charging networks. The biggest question remains: how long it will take before EVs become more prevalent on the streets? Franza said the answer could depend on who you listen to, but other factors come into play. “Right now, electric vehicles account for less than 1% of the vehicles on the road. So I see two leading indicators – the number of gas stations vs. the number of charging stations, and the production of combustion engines vs. electric vehicles. Look for when the ratios of those really start to change, but it’s not black and white. There are several factors that will go into that and it could take longer than people are saying,” Franza said. Covering EVs and the auto industry? Then let us help. Richard Franza, PhD, is available to speak with media about trending issues like inflation, small business and the economy – simply click on his icon now to arrange an interview today.
Summer is about a week away and many Manitobans are gearing up for cottage getaways and local road trips. But with inflation impacting gas prices and the overall cost of living, CAA Manitoba (CAA MB) has compiled a list of the simple ways motorists can maximize their fuel economy. “While Manitobans love getting out on the road and exploring with friends and family during the summer months, high gas prices have made motorists more mindful of their fuel economy,” says Ewald Friesen, Manager Government and Community Relations, CAA MB. “Luckily, the easiest and most effective way to improve the fuel economy of any car is to modify your driving habits.” Motorists can maximize their fuel economy as they hit the road this summer by incorporating the following tips: Plan your route. Plan the most efficient route to your destination and avoid backtracking and unnecessary mileage. Remove unnecessary items from your vehicle. An extra 100 pounds can reduce fuel economy up to 1 per cent. Try to also avoid the use of rooftop luggage carriers as items transported on top of the car significantly increase aerodynamic drag, which reduces fuel economy. Control your speed. Fuel consumption starts to increase when you hit 90km/h. For long stretches of road ahead, use cruise control to maintain your speed to save fuel. Drive conservatively. If you find yourself stuck in long weekend traffic, avoid "jack rabbit" starts, rapid acceleration and hard braking, which can lower fuel economy by 15 to 30 per cent at highway speeds and 10 to 40 per cent in stop-and-go traffic. Keep up with regular car maintenance. Underinflated tires increase fuel consumption by up to four percent. With regular maintenance services you can help your vehicle run more efficiently. Savings can also start while fueling up, as CAA members save 3 cents per litre when they load their membership card in the Shell app or use it at the pump. While keeping fuel economy top of mind can help make your next road trip more affordable, you won’t be able to get much far with a dead battery. “Manitoba summers may be short, but they are mighty. A car battery can lose its charge 33 per cent faster in extreme heat compared to the frigid winter, draining the power necessary to start the car,” says Friesen. “The one thing you shouldn’t skip when preparing your car for your next road trip is having your car battery tested by a professional to ensure it is in good condition.” If you are a CAA member you can call CAA’s Mobile Battery Service at 1-866-740-6421 and a trained CAA Battery Service Representative will come to you to test, replace and dispose of your old battery.
Summer is about a week away and many Ontarians are gearing up for cottage getaways and local road trips. But with inflation impacting gas prices and the overall cost of living, CAA South Central Ontario (CAA SCO) has compiled a list of the simple ways motorists can maximize their fuel economy. “While Ontarians love getting out on the road and exploring with friends and family during the summer months, high gas prices have made motorists more mindful of their fuel economy,” says Nadia Matos, manager external communications, CAA SCO. “Luckily, the easiest and most effective way to improve the fuel economy of any car is to modify your driving habits.” Motorists can maximize their fuel economy as they hit the road this summer by incorporating the following tips: Plan your route. Plan the most efficient route to your destination and avoid backtracking and unnecessary mileage. Remove unnecessary items from your vehicle. An extra 100 pounds can reduce fuel economy up to 1 percent. Try to also avoid the use of rooftop luggage carriers as items transported on top of the car significantly increase aerodynamic drag, which reduces fuel economy. Control your speed. Fuel consumption starts to increase when you hit 90km/h. For long stretches of road ahead, use cruise control to maintain your speed to save fuel. Drive conservatively. If you find yourself stuck in long weekend traffic, avoid "jack rabbit" starts, rapid acceleration and hard braking, which can lower fuel economy by 15 to 30 percent at highway speeds and 10 to 40 percent in stop-and-go traffic. Keep up with regular car maintenance. Underinflated tires increase fuel consumption by up to four percent. With regular maintenance services you can help your vehicle run more efficiently. Savings can also start while fueling up, as CAA members save 3 cents per litre when they load their membership card in the Shell app or use it at the pump. While keeping fuel economy top of mind can help make your next road trip more affordable, you won’t be able to get much far with a dead battery. “Ontario summers may be short, but they are mighty. A car battery can lose its charge 33 per cent faster in extreme heat compared to the frigid winter, draining the power necessary to start the car,” says Matos. “The one thing you shouldn’t skip when preparing your car for your next road trip is having your car battery tested by a professional to ensure it is in good condition.” If you are a CAA member you can call CAA’s Mobile Battery Service at *222 and a trained CAA Battery Service Representative will come to you to test, replace and dispose of your old battery.
