Is this the New Normal?

Minnesota State Economist Tom Stinson and State Demographer Tom Gillaspy provide some insights about the economic and demographic “new normal.”  Interestingly, despite the high unemployment numbers, workforce and talent will be scarce in the years to come. While Minnesota specific, their thoughts are applicable nationwide.

The New Normal

• Slower economic growth

• Labor and talent will be the scarce resources

• Single-minded focus on productivity

• Chronic government deficits and cuts in service

• Worries about how to pay for past promises

• Disruptive events/more frequent innovations

• A whole new set of opportunities

 

— Stinson and Gillaspy