UNL economist says Nebraska’s economy grows amid inflation in U.S.

LINCOLN, Neb. — The United States has seen increased pricing for food, gas and everyday needs, and it’s no different here in Lincoln.

UNL professor Eric Thompson, director of the Bureau of Business Research, said inflation is a problem affecting everyone.

“Like other parts of the country, inflation is a significant problem for our economy,” Thompson said. “And it’s impacting the standard of living, obviously, among Nebraskans. So anytime that happens, it raises the risk of an economic slowdown or recession.”

Thompson says although COVID-19 affected Nebraska’s economy, the state’s agricultural department supplemented the state “nicely.”

“The economic calamity from COVID-19 definitely affected our economy,” Thompson said. “And we’ve recovered, in terms of most of the jobs have returned.”

He said the growth should continue.

“Our economy is in good shape in the sense of solid employment growth, and in some sectors of our economy have benefited from the high prices, like the agricultural sector’s part of the food sector,” he said. “So there’s been, in rural Nebraska at least, and the spillover the urban areas, there’s been some benefit from the higher prices.”

This doesn’t change the overwhelming inflation in the country, and Thompson, fighting back inflation is key.

He said the best way may be to “upgrade your job a little bit.”

“So if you can figure out a way, employers are trying to maybe raise wages a little bit more incentives, did help with inflation,” Thompson said.

Categories: Consumer News, Money, Nebraska News, News