SKYLINE CHANGE Project could alter a city
PAGE 3 VOLUME 29 NUMBER 1 ■ CHARLESTONBUSINESS.COM
Part of the
network
Landmark Enterprises comes up with a strategy that creates a revenue stream for the company, yet keeps the bottom floor of the Old Charleston Jail open and accessible to the public. See Page 6.
A ‘win’ for unions? SCPA says it will appeal a decision by the National Labor Relations Board. Page 4
(Photo/Jenny Peterson)
Economist: Expect ‘inevitable’ recession by 2024 By Andy Owens
B
A look ahead
Economist Stephen Slifer sees a recession around the corner. Page 11
Focus
Staffing expert talks about how COVID permanently changed the workplace. Page 15
Overnight upgrade Luxury hotel has plans for old Days Inn site downtown. Page 17
INSIDE
Upfront ................................ 2 SC Biz News Briefs .............. 20 In Focus: Workforce/Staffing............. 15 List: Professional Staffing Agencies............................ 18 Bonus List: HR and Payroll Companies......................... 19 At Work ............................. 20 People in the News .............. 21 Viewpoint ...........................23
JANUARY 16-JANUARY 29, 2023 ■ $2.25
LOCKED UP
Developers settle on plan for iconic Old Jail Monster order for Boeing
United Airlines orders 100 Dreamliners with an option for 100 more. Page 7
Contributing Writer
usiness owners should expect a recession to hit the U.S. economy in the first half of 2024, a Daniel Island economist said during an annual economic forecast in December. Stephen Slifer, a former chief economist for Lehman Brothers and former senior economist for the Federal Reserve, told hundreds of business owners, professionals and government officials in Charleston that the national economy continues to remain strong even with rising inflation fears and a looming recession. “The stock market has gotten whacked pretty good this year,” he said. “Yet, the economy keeps hanging in there.” If a recession does come in 2024, businesses could experience a recovery during the second half of that year, he said. Slifer, who writes a column for SC Biz publications and operates a data analytics firm in Charleston, said several indicators that economists watch are predicting a recession. “When are we expecting some sort of a recession?” Slifer said. “I don’t want to oversimplify this, but there’s a couple of things that I’m looking at. There’s all sorts of leading indicators.” Slifer said the real funds rate and the yield curve, along with specific federal policy changes, give economists a reason to think a recession will occur in 2024. The real funds rate is essentially the real interest rate with a subtraction for inflation, which indicates the actual cost of borrowing money and what a lender might expect as a return for lending money. Along with the real funds rate, Slifer said economists also look for an inverted yield curve. “It’s just the difference between long rates and short rates,” Slifer said. “Usually, See ECONOMIC FORECAST, Page 9