The Ledger: 2022’s economic outlook

Recent forecasts from the Conference Board’s U.S. Economic Outlook paint a picture of an improving economy—with some inflation and supply chain challenges.

Economics infographic

Source: The Conference Board U.S. Economic Outlook, 2020–2023. Click to enlarge


“The current inflation spike is really a consequence of supply constraints meeting very strong demand, and that is all associated with the reopening of the economy, which is a process that will have a beginning, a middle and an end.”
—Jerome Powell, Federal Reserve chairman, on a Sept. 28 panel

Unemployment rate drops
2020: 8.1%
2021: 5.4%
2022: 4.0%
2023: 3.5%

Core PCE inflation starts to drop
2020: 1.4%
2021: 3.1%
2022: 2.9%
2023: 1.8%

Real consumer spending levels out
2020: -3.8%
2021: 7.5%
2022: 3.3%
2023: 2.7%

Real GDP bounces back
2020: -3.4%
2021: 5.5%
2022: 3.5%
2023: 2.9%