Gain insights on next year’s trends at 58th Annual Economic Forecast Luncheon

Employment is recovering from the severe contraction induced by the pandemic, but it is still way below levels at the start of 2020. Can it fully recover in the coming year? What is the expected role of the stimulus legislation on growth, employment, and inflation? What are the perspectives for the Arizona economy?

These questions are front and center in the minds and the work of the nation’s leading economists, as the state, region, country, and world begin to re-emerge from COVID-19, which interrupted the longest economic expansion on record. Three leading economists will discuss what’s next as we turn the page to 2022 at the 58th Annual ASU/PNC Bank Economic Forecast Luncheon on Wednesday, Dec. 8 at the Renaissance Phoenix Downtown Hotel. The event is presented by the W. P. Carey School of Business, Department of Economics at Arizona State University and sponsored by PNC Bank.

This year’s keynote address will be delivered by Lawrence H. Summers, Charles W. Eliot University Professor and president emeritus of Harvard University, a former secretary of the U.S. Department of the Treasury and former director of the National Economic Council. Gus Faucher, chief economist for the PNC Financial Services Group, will discuss the outlook for the U.S. economy, and Lee McPheters, research professor of economics and director of the Economic Outlook Center at the Arizona State University W. P. Carey School of Business, will forecast the economy for the Southwest, Arizona and the Phoenix Metro.

“Because of the pandemic, the past two years have brought economic conditions for the nation and Arizona that we haven’t seen in modern history,” says McPheters. “Just look at the numbers for Arizona employment swings. The state lost more jobs in the first two months of the pandemic than were lost in the first two years of the Great Recession.”

McPheters adds, “Now that the economy is on the rebound, we have questions about inflation, home prices, industry supply chains, and of course labor markets. These are just some of the topics we are going to cover at the forecast luncheon, where we hope to provide the attendees some useful insights into what the next year holds.”

In addition to serving under three presidential administrations as a member of the Council of Economic Advisors, Treasury Secretary, and director of the National Economic Council, Lawrence H. Summers has had a distinguished career in economic policy and academia. After graduating with his PhD from Harvard, he became one of the university’s youngest professors, beginning his career there in 1983 at the age of 28.

Summers served as chief economist for the World Bank from 1991-1993 before returning to government as Undersecretary of International Affairs. Today, he teaches economics courses at Harvard’s John F. Kennedy School of Government. At the Economic Forecast Luncheon, Summers will deliver his remarks live via Zoom.

In-person attendance for the 58th Annual ASU/PNC Bank Economic Forecast Luncheon is sold out. Virtual attendance is still available via Zoom for $95 per person and $800 for a group of 10. The event will be held Wednesday, Dec. 8 from 11:15 a.m. to 1:30 p.m. Registrations are open now at wpcarey.asu.edu/efl.