MESSAGE FROM THE PRESIDENT


June 24, 2024

Business leaders and our elected policymakers should take careful note of the population around us as we enter uncharted economic territory. The last of the Baby Boom generation leaks out into retirement over the next five years and we’ll witness the fuel that propelled capital markets shrink.


A few decades earlier, this was the generation that fueled consumer spending. Look at national Real Gross Domestic Product (GDP) figures over the past 25 years for evidence. We averaged about 3.5% in growth most years, and now, over the last 12 years, we’re fortunate to hit 2.5%. Learn more about GDP >


Yes, our population has grown, but that’s because we’re living longernot because of rising birth rates or organized immigration (we stopped having kids 25 years ago). The reality is we have fewer people to prop up consumer spending and a growing number who are leaving the capital markets.


When times are good, policy decisions can be “roughly right.” However, with Real GDP growth rates shrinking, we need to move carefully, and policy choices need to be more accurate today than ever before.

News You Can Use

Important economic data points start tomorrow with consumer confidence figures for May, and continues on Wednesday with new home sales data for May. Thursday is GDP for Q1 (1.3%), durable goods orders for May, and pending home sales for May. We wrap up the week on Friday with personal income and spending figures for May, and consumer sentiment for June.


Similarly, this is a very light week for companies hosting earnings calls. FedEx is the headliner on Tuesday and is joined by Progress Software and Worthington Enterprises. Micron Technology, General Mills, Paychex, H.B. Fuller, Levi Strauss, and UniFirst are scheduled to report on Wednesday, while Walgreens Boots Alliance, McCormick & Company, Nike, and others are scheduled to report on Thursday. 

Michael J. Quaranta
President
Delaware State Chamber of Commerce

Uniquely Delaware

Delaware 2023 Real Gross Domestic Product: $74.26 Billion, Down 1.2% From Previous Year


In 2023, real GDP for the nation grew at an annual rate of 2.5 percent, with the percent change ranging from 5.9 percent in North Dakota to –1.2 percent in Delaware. With a total GDP of $74.26 billion, Delaware ranks 42nd nationally. However, between Q3 and Q4 of 2023, Delaware's GDP growth rate was 3.6%, ranking in the middle of the pack amongst the 50 states.


Read more >

View interactive data >

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