Dear Members:
Businesspeople (including numerous Chamber members) and students gathered today in the Frick Center at Elmhurst College for “The ABCS of Gens Y and Z” workshop designed to better connect employers with their workforce younger than Gen X.
Presentations included Defining The Generations (by Dr. Soni Simpson, EC Associate Professor in Business Administration), Navigating The Modern Workplace (by Jen Ullrich, System Director, Talent Acquisition and Development, Edward-Elmhurst Health) and Marketing To Our Future Leaders (by Stephanie Pursley, Associate Media Director, Lipman Hearne), followed by a panel discussion.
Program sponsors included the City of Elmhurst and Elmhurst College Commission, Community Bank of Elmhurst, Elmhurst College, the City’s Economic Development Commission and our Chamber.
Elmhurst Our Kind of Town videotaped the program for airing on local access cable TV and via YouTube.
DCVB Restaurant Video
The DuPage Convention & Visitors Bureau debuted its new restaurant promotional video—spotlighting One Fifty One Kitchen/Bar in downtown Elmhurst—during a special event staged at the Red Arrow Tap Room in downtown Naperville on February 28. The video is scheduled to go “live” next week on the DVCB’s website, DiscoverDuPage.
Economic Outlook Steady
Did your stocks lose 15 percent of their investment value in last December’s United States market drop—the worst month since 1931’s Great Depression—even before a record single-day loss in early 2019? Well, don’t panic.
The Federal Reserve Bank of Chicago’s economic forecast indicates no signs of a downturn, with inflation below the target rate of 2%.
Despite the stock market’s recent volatility, America’s economy—or Gross Domestic Product (GDP)—grew by more than 3% in 2018, 2.8 million new jobs were created in the past 12 months (with another 304,000 in January), the unemployment rate fell to 4.0% and energy prices for oil and natural gas remain below their historical norms.
Manufacturing employment increased by 261,000 workers over the past 12 months, thanks in part to Midwest job growth, and the Federal Reserve Bank’s Midwest Economy Index (MEI) manufacturing component is both above trend and similar to the rest of the country.
While the Midwest economy is growing in-line with the national economy, here in Illinois employment growth is below the national average and the unemployment rate is at 4.2%.
Wages and benefit cost continue to increase at a moderate rate, but slow productivity growth over the past nine years due to the weak pace of real private nonresidential fixed investment is the reason that strong employment growth has not translated into even higher wages.
Historically-low energy prices continued to fuel light truck sales (pick-ups, SUVs, vans, etc.), which grew by 7.4% in 2018, while light vehicles sales fell by a stunning 13% and sales of alternative powered vehicles remained insignificant.
The past decade of recovery from the Great Recession has been steady, but below 3% annually, as compared to 4.3% following the 1081-82 and 1974-75 downturns, with housing starts mirror the gradual recovery at some 1.2 million per year.
Happy Anniversaries
Eight members are celebrating milestone Chamber anniversaries in February, as follows: 25 years—The Grove Elmhurst and Viking Awards; 15 years—Dr. Marianne S. Laskowski, Elmhurst Auto Group (Elmhurst BMW and Elmhurst Toyota) and Stardust Bowl; 10 years—Douglas L. Kay, DDS; and 5 years—Bartlett Tree Experts and North Star Lighting.
New Members
The Chamber welcomed six new members in February as follows: Affordable Tuckpointing Pros, Counter Coffee, Emanuele Tuxedo Elmhurst, Java Master International, McGrath Lexus Westmont and Mike’s Meat Market.
Reactivated Members
EMPIST, formerly the Digerati Group, reactivated its membership in February after a three-year hiatus.
No Longer Members
The Chamber said goodbye to the following 13 members in February: Allen Q. Jones Agency – Farmers Insurance, Angel Fancy Design Studio, Bannerville USA, Carpenters Tools Ministries, Country Inn & Suites, Elmhurst Academy, Elmhurst Children’s Assistance Foundation, Elmhurst Jaguar, Elmhurst Swim Team, Mary Walsh @properties/Maranda Group, Skyjeep Mobile Notary Service, Smallcakes Elmhurst and Two Chefs Catering.