Wednesday, 23 May 2012 11:09
Univest held its annual Economic Summit Tuesday at Pinecrest Country Club in Montgomery Township, and the Keynote Speaker was Luke Tilley, a Regional Economic Advisor with the Federal Reserve Bank in Philadelphia. He said the economy is not as bad as some people think, and companies are hiring new employees.
“Job creation has really started coming back and it’s essentially in every sector, and Pennsylvania added 63,000 jobs just by private employers over the past year across a lot of sectors including the pharmaceutical, health and education sectors, so we’ve seen an acceleration in job creation and it’s bringing down the unemployment rate.”
Tilley said the unemployment rate has come down dramatically in the last year, and the Gross Domestic Product has increased steadily, but heavy debt by European countries could cause another recession there and that would affect the U.S. economy.