Tom Barkin, President & CEO of the Federal Reserve Bank of Richmond, joined us for an economic update to discuss the economy, recent Fed actions and prospects for recovery.
A few highlights from his presentation include:
the U.S. unemployment rate continues to drop to 6.9% – In South Carolina, the September numbers for unemployment were 5.1%
10.1 million fewer jobs in this country than were in February
Manufacturing, Technology and Healthcare continue to do well, but are having trouble finding workers to fill their open positions
2021 looks promising on the business side, but he envisions there will be a spike in government spending