SMU Steel Summit to Feature Popular Economist Beaulieu

ITR Economics prides itself on keeping the hyperbole out of its economic analysis. Proper interpretation of the facts is fundamental. In a recent ITR blog, popular economist Alan Beaulieu pointed to “facts” cited by a recent speaker to illustrate his point. Beaulieu will make another appearance as a keynote presenter for Steel Market Update’s premier event, the 2018 Steel Summit Conference, set for Aug. 27-29 at the Georgia International Convention Center in Atlanta. He will offer an insightful overview of U.S. economic trends and their implications for the steel industry.

First, Beaulieu said, the speaker cited the fact that 313,000 jobs were added to the U.S. labor force in February, claiming this was proof of ongoing rapid growth in the U.S. economy. He was using this number to prove that the second half of the year will match the first half of the year. ITR is forecasting that the economy will slow down in its rate of growth in the second half of this year. The fact is that the U.S. economy adds 313,000 or more jobs more often when in Phase C (slowing growth) than when in Phase B (accelerating growth). The bottom line is that a large number of people finding jobs is encouraging, but it is not conclusive evidence of ongoing rapid growth in the economy, the economist noted.