Wells Fargo Senior Economist Mark Vitner believes recession risks are on the rise but that economic growth continues.
“The near-term risks of recession have clearly increased, but we continue to believe the economy will continue to grow modestly,” Vitner said this week in a preview of his economic outlook presentation Tuesday to the Economic Roundtable of Jacksonville.
“Unemployment will remain high, which will continue to weigh on consumer confidence,” he said.
Vitner is based in North Carolina and is a frequent presenter in Jacksonville, where he worked at Barnett Banks Inc. as an economist.
“Florida has seen some improvement over the past year, but faces a long recovery period,” he said this week.
“Past experience has shown that Florida’s economy tends to recover more slowly following a real estate slump and we are still working our way through the mother of all slumps,” he said.
Regarding Jacksonville, Vitner shows optimism.
“Northeast Florida has seen some promising trends recently, with gains in professional services and wholesale trade driving overall growth,” he said.
The Tuesday lunch meeting begins at 11:30 a.m. The event will be at the Davis College of Business at Jacksonville University.
Vitner tracks U.S. and regional economic trends and updates on regional housing markets, commercial real estate, regional economies and inflation. He is a frequent contributor and source in the Wall Street Journal and New York Times.
The cost of the event is $20 for members and their guests and $25 for nonmembers. For information, visit www.ertjax.org.
356-2466