Right Now, It’s Putting One Foot in Front of the Other

In his opening remarks at the January 9 National Association of Corporate Directors – New Jersey Chapter’s Economic Forecast 2025 event, Philadelphia Fed President and CEO Patrick T. Harker stated that “the underpinnings of our macro economy remain strong.” Harker, however, pointed to recent data indicating that the economy may not be equally perceived as “strong” on “a family-to-family basis.” He recommended “to continue the effort to push inflation down to our 2 percent annual target” as “households are starting to — or continuing to — struggle under the weight of higher prices.” He also shared progress on the Philadelphia Fed’s updated and expanded Occupational Mobility Explorer that “allows anyone to build a ladder of career success for themselves,” adding how higher ed’s declining financial stability is contributing to a “narrowing” pathway for upward mobility.