Pocatello Rotary Club offers update on the local and national economy
The Pocatello Rotary Club met for a meeting Thursday at the Red Lion Hotel. Senior Economist of Zion Bank, Robert Spendlove out of Salt Lake City was there to update the Gate City on where the economy stands locally and nationally.
“Right now the economy is mixed nationally. There are some good signs employment is growing and unemployment is low. But consumer spending is too low, inflation is too low and there’s a lot of international problems,” said Roberts, of the economy nationally.
According to Spendlove, what pulls us down nationally is because of partially what’s happening internationally with weaknesses in China and Japan. He says the Greece crisis plays a role, as well as Great Britain leaving the European Union. Spendlove says, nationally, the Fed is doing all they can to normalize the economy. And what they want to do is increase interest rates to a more normal level. But because of the pressure happening around the world and with low energy prices, it’s really tough for them to take decisive action.
Spendlove pointed out that Idaho, however, has a strong economy right now, which is due to aplethoraof things.
“Well, what we’re seeing right now is the Intermountain West has become a hotbed for economic growth. We have very strong population growth, which is one of them. A lotof natural increase, a lot of children being born, so that kind of adds to the workforce. And also, we have a really good business environment in the state and throughout the region.”
And in order to stay in the green, Spendlove says Idaho should keeping doing what they’ve been doing. He says we need to keep encouraging employment rates across the board. And while agriculture alone brings in $1,700 per person, per year, Spendlove says it’s good to remember this specialty and emphasize it. As agriculture is about 7 percent of the total economy.
