Rochester Area Chamber of Commerce host Economic Summit

(ABC 6 News) – The Rochester Area Chamber of Commerce Economic Summit Tuesday gave Rochester area businesses insight into economic trends as well as a forecast of the local regional and national economies that could affect their business.

The summit included two panel discussions, business outlook survey results and a keynote speaker. The chamber’s goal is that business owners will bring the valuable information back to their office so they can adapt to the current economic climate.

“I think it’s that increased familiarity in what it takes to succeed and also some understand of the challenges that industries, small businesses encounter,” said Chamber President Ryan Parsons.

Keynote speaker Bernard Baumohl is the chief global economist for The Economic Outlook Group. He gave a detailed presentation on the current and future look at the economy. He said it was important for him to be at the summit on Tuesday because Rochester can be heavily impacted on the national trends of the economy.

“So, I wanted to give a broader scope of what’s going on nationally and internationally as well. So, far I can tell you I don’t see any recession that’s forming. If you know there’s been a lot of talk, a lot of invasive talk last year about a recession this year, but on the hull if you take a look at that data and you look out there for jobs and inflation things are moving in the right direction. I think we’re going to lucky and avoid one this year,” said Baumohl.

Baumohl prepared businesses for the best, but he also warned them that the if the government doesn’t take care of the debt soon the u-s economy could go into default for the first time in history and said if that happens the results could be catastrophic and especially hurt small businesses like the many here in Rochester.