WNY Economic News

The mission of Western New York Economic News is to provide analysis and forecasts of economic trends in the Buffalo-Niagara Falls Metropolitan Statistical Area and contrast these trends with those in New York State and the nation. The newsletter is prepared by George Palumbo, PhD and Mark Zaporowski, PhD, members of the Economics and Finance Faculty at Canisius College, Buffalo, NY.

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2015 WNY Economic News

1st Quarter 2015

This strong growth of real GDP over the past two quarters can be attributed to increasing consumption, residential and non-residential investment expenditures, government expenditures and exports.  This strong performance is taking place in an environment where the European economy is stagnating.  The FED has ended its bond buying program while the ECB is about to embark on its own program.  The actions of OPEC that have led to lower energy prices should reverse the pattern of 40 years of output and price manipulation on their part.  As a result, the tremendous wealth transfers that have occurred from energy consumers to owners of energy inputs in the past will diminish as long as lower oil prices persist.

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