HUNTINGTON, WV (WOWK) – As we head into the new year, we continue to see multiple “now hiring” signs, high gas prices, and some owing on student loans will have to begin paying in February of 2022.
That, as well as COVID-19 still lingering, leaves many to wonder what the economy will look like in the new year.
“Things are positioned for a very good economy with the only unknown being COVID-19,”Bill Dingus, the Executive Director, Lawrence Economic Development Corporation
Right now, the national unemployment rate is 4.2 percent, which is down 0.4 percent. Dingus also adds right now, the unemployment rate in Lawrence County, Ohio is 3.7 percent, which is lower than the record low the county saw in 2019.
Still, he says, Americans can expect to see prices continuing to rise on items like groceries, rent, housing and cars, as we enter the new year, to combat the current inflation we’re experiencing now.
“I think we’re going to continue what we’re seeing right now; I don’t see the rate of inflation slowing down unless we revert to pulling money back out of the economy rather than putting money into the economy,” Dingus explains. “We probably put money in prematurely in the very beginning when we sent $1000 checks to everyone in the country.”
As for gas prices, Dingus says he also believes the country is nearing a plateau within the next year.