Dr. John Mitchell saw his shadow this morning, which means another six months of inflation. At least that was the quip by Idaho economist Sam Wolkenhauer, who kept everyone’s attention by mixing humor with his economic forecast.
The Coeur d’Alene Regional Chamber of Commerce Breakfast presented two economists, Dr. John Mitchell and Idaho Department of Labor’s Sam Wolkenhauer. They provided an “update on the global, national, and regional economies, labor market dynamics, and the social impact on people and goods/services.”
They indicated the following:
- Idaho remains one of the strongest states in the nation. (economic health)
- The labor supply will be a limiting factor for economic growth in northern Idaho.
- Idaho had the highest “quit rate” in December 2022 according to a Wall Street Journal article.
- Over 22,000 retirees have come to the CdA region. 75% of in-migration consisted of people age 65+.
- In the year 2000, Idaho boasted six workers per retiree. Today there are 3.7 workers per retiree.