Delaware has once again avoided designation as a “distressed” or “underserved” area in the latest Community Reinvestment Act (CRA) report, signaling continued economic stability for the First State. This news comes as federal regulators released their annual assessment of areas eligible for special consideration under community development initiatives. The report, jointly issued by the Federal Reserve, FDIC, and Office of …
Economist predicts mild 2024 recession, hit Taylor/Travis song
A Baltimore economist known for his sense of humor left the punchline of his New Castle County Chamber of Commerce speech Tuesday to the last bit of his presentation: “It will come nearly a year after I initially anticipated, but recession is coming in 2024,” Anirban Basu told the 200 people attending the chamber’s sold-out annual State of the Economy …
Fed’s Harker doesn’t expect recession, more rate increases
Another rise in interest rates is not needed and the U.S. economy seems unlikely to tip into a recession, the president of the Philadelphia Federal Reserve Bank told the Delaware State Chamber of Commerce Friday. Patrick T. Harker, a former president of the University of Delaware, also said wages are falling slightly and that he expects the unemployment rate to …
Revenues fall slightly as state noses into post-COVID economy
Delaware may have passed the peak of a rise in post-covid revenues, the Delaware Economic and Financial Advisory Council heard Monday. Financial experts call that peak an “inflection point,” akin to that moment when roller-coaster riders feel a brief lift in their tummies before the coaster takes a plunge. That doesn’t mean the state’s finances will plunge. Only that they …
State: $677M surplus projected for 2024, but recession looms
Delaware economic experts on Monday predicted a budget surplus of $667.1 million for fiscal year 2024, but warned the state is likely already in a recession that could affect that forecast. During the meeting of the Delaware Economic and Financial Advisory Council, revenue officials said they expected announcements that a recession either started last week or will this week. The …