Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Markets US economy

While inflation is less severe, consumer prices—particularly food—remain elevated. (Lance McMillan/Toronto Star via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

Jun 30, 2023

What U.S. Economists Are Watching In 2023

As the U.S. nears the halfway point of 2023, inflation is improving, but the economy’s direction is still somewhat uncertain, with new technology influencing economic growth and foreign influence. 

Key Details

  • Deloitte’s weekly economic update revealed that the economy is still a mixed bag, with some positive news about inflation as interest rates remain stable.
  • Consumer price inflation is slowing quickly, bringing down prices like energy, but food prices continue to grow.
  • As analysts watch the current state of the economy, many are beginning to wonder whether or not the advent of artificial intelligence (AI) will affect economic growth. 
  • Meanwhile, China’s declining economy could start to affect U.S. economic policy as the Biden administration continues to push incentives for manufacturing and development in the states.

Why it’s news

Inflation is on its way down after more than a year of oppressive numbers. However, prices across the U.S. are generally still elevated. Consumer prices were up 4% in May, according to the Consumer Price Index (CPI). While this is lower than the 9.1% peak in June of last year, higher prices are still a problem for consumers.  

Prices are increasing slower, with just a 0.1% increase from last month. The slower increases indicate that inflation is trending toward a more desirable level. Even so, consumer prices remain high. The cost of energy is one exception. In May, energy prices declined 11.7% compared to the year before. However, food prices are still rising. 

Core prices on consumer items are still up 5.3% compared to last year, however, the core prices increased at the lowest rate since November 2021, Deloitte found. 

There are new factors for analysts to take into consideration when analyzing the economy. Generative AI technology is an unknown factor, with some claiming it will stimulate the economy and others arguing that it will slow it. 

Outside the U.S., China’s economic citation is something economists are watching closely. Recently released data from China’s May economic performance shows some signs of weakness, according to Deloitte. Overall growth, including retail sales and industrial production, was below economic growth predictions. 

At the same time, housing projects have declined while youth unemployment is rising. Exports are also lower than last year. These signs of economic weakness explain the country’s current trend of easing its monetary policy. 

Backing Up a Bit

During previous technological leaps, a significant amount of time had passed before the technology resulted in strong economic growth. However, this was because businesses and workers had to take time to learn the new technology. AI may not have the same problem. While there is a learning curve with AI, many workers already have the skills needed to wield the new tools.

As AI increases productivity across industries, economic growth may be accelerated. But as Deloitte’s Chief Global Economist Ira Kalish points out, efficiency does not always lead to economic growth. 

Notable quote

“When I return home from an overseas trip, I no longer need to wait to speak with an immigration official who would examine my passport,” Kalish says. “Rather, I go to an electronic kiosk that recognizes my face and, within seconds, welcomes me home and tells me to go forward. This is a productivity gain in that a task is accomplished more quickly and with less labor than previously.” Kalish explains that while such technology is in use, major economies that use this technology are still growing slowly.

Home / News / What U.S. Economists Are Watching In 2023
Share
FacebookTweetEmailLinkedIn

Related Stories

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
Markets

Oct 23, 2023

Chevron Gas Deal

Chevron is acquiring Hess Corp. for $53 billion, the second significant oil producer acquisition this month as crude prices climb.

Key Details

  • Chevron is purchasing Hess in an all-cash deal worth $53 billion, including debt and preferred stock redemption.
  • This comes just weeks after ExxonMobil announced its $59.5 billion purchase of Pioneer Natural Resources.
  • With oil over $80 per barrel, major producers are using their windfall profits to acquire smaller players and boost payouts to shareholders.
  • Chevron expects the deal to close in H1 2023 pending regulatory approvals and Hess shareholder vote.
  • Hess CEO John Hess will join Chevron's board once the acquisition is complete.

Go deeper

FacebookTweetEmailLinkedIn
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff
netflix building
Entertainment

Oct 19, 2023

Netflix Hiking Prices While Adding Millions of Subscribers

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com