By: Landon Pertuset
Oct. 24, 2025
Grading the current economy at a B-plus, Dr. Joey Von Nessen said during the 2025 South Carolina Economic Outlook presentation that the economy is moving away from the pandemic bubble and toward sustainable growth rates.
“Economic growth remains steady, and unemployment remains historically low,” Von Nessen said. “But consumers have lost significant purchasing power, and labor markets have cooled.”
Peaking at 9.1% in July 2022, Von Nessen showed a graph illustrating how inflation has dropped from 9.1% to 2.8% in January 2025.
“With inflation having fallen below wage growth (2.8% vs. 4.0%), consumers are now clawing back purchasing power that has been lost since 2019,” Von Nessen said.
Although inflation is declining, it is still outpacing income growth. However, Von Nessen presented a projection showing that by October 2027, the average income would catch up to the current 2% inflation rate.
“Unemployment is rising due to slower job growth,” Von Nessen said. “Not due to increased layoff activity.”
After peaking at 7% in March 2022, job openings in the United States have been on a gradual decline, with Von Nessen showing a graph illustrating the drop from 7% to 4% in November 2024.
While the economy is stable and growing, Von Nessen said the biggest theme for 2025 is uncertainty, as unemployment and tariffs have become major concerns for the economy.
About the Author
Landon Pertuset is a senior sports media major at the University of South Carolina School of Journalism and Mass Communications. He is a 2026 recipient of the David J. Morrow Scholarship for Business Journalism.