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Midwest poised for cautious 2025 as growth softens, CSG Midwest says
Summary
Laura Tamaka of the Council of State Governments’ Midwest office told attendees that the U.S. economy shows signs of a 'soft landing' but that states should expect slower revenue growth and more constrained 2025 budgets despite healthy rainy day funds.
Laura Tamaka, director of the Midwest office of the Council of State Governments, told a Johnson County audience that recent national indicators suggest a possible economic 'soft landing' but warned states should budget more cautiously for 2025.
"At this time, the economy does seem to be exhibiting signs that are consistent with that soft landing," Tamaka said, citing five straight quarters of growth through the third quarter of 2024 and a Q3 annualized GDP gain of 2.8 percent. She noted inflation had moderated to about 2.6 percent and the Federal Reserve had begun…
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