Status of the economy uncertain after high inflation and tanking stocks

FARGO, N.D. (KVRR) — Some say the state of the economy has been unsteady since the pandemic has hit.

Even though it happened a few years ago, its economic impacts are still being felt.

“Now, just now, we are seeing the results of the pandemic and of course it has caused a lot of closings overtime, but unemployment rate is still pretty good and I think the economy is going to do pretty well and I think a year or two from now, we will look back at this and says wow, remember when the stock market was this low and now it got so much higher.” says Paul Meyers, President, Legacy Wealth Management

Inflation rates have risen, but not as rapidly as in previous years.

“It (Inflation) increased significantly from 21-22, and there were some reasons for it. One was there were supply chain issues, with COVID, some supply chains were disrupted, which created a scarcity in a number of goods, which increased prices.” says Oscar Flores, Professor of Economics, MSUM

The economy has been resilient in the past years, bouncing back after massive losses.

Even with tanking stocks and high interest rates, some hope for another bounce back.

“In my opinion, the stock market and the economy and people’s retirement plan have weathered worse storms than this and I think they are going to do just fine in the future.” says Meyers

He adds he’s impressed to continue seeing the economy bounce back after several losses.