Luck is when preparation meets opportunity.” – Anonymous
As 2023 approaches, preparing for potential recessionary effects* is important. Speaking at the AVMA Veterinary Business and Economic Forum, economist Dana Peterson shared why a recession seems eminent in 2023. R. Scott Nolen shares an overview of her comments and assertions including:
- Housing market changes
- Ongoing need for pet services
- Labor force regrowth among 25- to 54-year-olds
- 55 and older retirement as contributing factor to labor shortages
*On November 21, Fannie Mae reported the economy is still expected to enter (and exit) a modest recession in 2023 <Link>. Recession or not, attention to optimizing the labor force and pet services availability remain important for animal health pros.
Source: AVMA News, November 2, 2022. Link. (2-minute read) Peterson references supply chain disruptions as factors that shape the economy.
NOTE: Railroad unions are split on the five-year contract agreement brokered last September causing some to fear a railroad strike in December, according to NPR, November 21, 2022. <Link> Roughly 30 percent of freight moves by rail in the U.S. The Association of American Railroads estimates that a nationwide rail shutdown could cost the country $2 billion a day in lost economic output.