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Waco economic analyst says recession may not come

Dr. Ray Perryman says groundwork is in motion to get prices back on track

WACO, Texas — Inflation has many Americans worried. Some feel like there is no end in sight. Local economic analyst Dr. Ray Perryman says while it will take some time, we can avoid a recession and see inflation come back down to earth in due time.

The Perryman Group in Waco published a report last Wednesday that says consumer confidence is as low as it's ben since the 1980 recession.

But he says he believes we can actually avoid a recession and the economy may actually be showing signs of strength, while it may not feel like it.

"The funny thing about it is underneath all of this consumer confidence issue  and everything else, we're creating jobs at a very rapid pace, we're producing output at a very rapid pace," Perryman said. "A lot of things underneath economy, retail sales are strong. A lot of the underlying indicators are telling us that the economy still has some strength."

He says while it may not feel like it, the indicators there. If we stay patient, we will eventually see prices come back down.

"I'm not in the camp that thinks will necessarily have recession," Perryman said. "I think from a consumer standpoint though, we are going to be facing higher prices for a few more months, but they will come down. It's going to take time, the groundwork is already being laid."

Until that groundwork becomes action, Perryman says it is still best practice to be prudent and prepared while prices are high. It's going to be like this for a while.

"Until that happens, we are going to be getting inflation and consequently, people just need to to recognize that's probably going to be the case and try to be as prepared as they can."

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