What does the cut in interest rates by the Federal Reserve mean and how does it affect individuals and the economy as a whole?
Vinson
Dr. Philip Vinson, assistant professor of economics at Georgia Gwinnett, says there are many factors that will influence the Federal Open Market Committee’s (FOMC) decision about interest rates. The last FOMC meeting where they raised rates was September 17-18.
Factors that influenced the FOMC’s decision to cut rates include inflation and the unemployment rate.
Vinson notes that “Inflation has fallen to 2.5 percent as of August, which is the lowest level since February 2021. This means that the Fed has nearly, but not quite, hit their inflation target.”
On the other hand, the unemployment rate has remained steady at 4.2 percent. “While 4.2 is still considered low, there is increasing concern that higher interest rates are jeopardizing labor markets and economic growth, so the overwhelming consensus is that Feds are about to cut rates at their September meeting,” he says.
With inflation steadily declining and the unemployment rate remaining low, what impact might a rate cut have on the average consumer? Vinson feels: “With lower rates, many things will be cheaper, such as investments for businesses and loans for consumers. More business activity also means increased hiring.”
While assets like housing prices could increase, overall, mortgages and car loans will likely become cheaper, making it a more favorable environment for borrowers,” Vinson says.
Dr. Philip Vinson is an assistant professor of economics at Georgia Gwinnett College specializing in macroeconomics and the intersection of housing prices and consumer behavior.
Chamber recognizes 11 businesses being certified
The Gwinnett Chamber Foundation announces that 11 small businesses in its inaugural certification cohort have achieved full Minority Business Enterprise, or Woman Owned Small Business certification, through the Georgia Minority Supplier Development Council. This significant milestone was reached in 60 days, a process that typically takes three to six months.
Newly certified members of the cohort include:
- Armor Industrial Services
- BGMart Construction
- Carter Construction Partners Inc.
- Empire Contracting, LLC
- Lead with Coach Jeimy, LLC
- LPZ Construction LLC
- Pampa Bay Landscape
- Simply HR Inc.
- The Edge Agency
- Wandaful Herbs
- Westbridge Solutions, LLC
The expedited success of these minority-owned businesses is a direct result of the Gwinnett Chamber Foundation’s targeted support, strategic marketing efforts, and comprehensive resources. By providing individualized coaching and guidance, the Foundation’s team ensured the businesses crafted relevant messaging and had the essential translation services to complete requirements on time and with excellence. This collaborative effort was made possible through a technical assistance grant from the Local Initiatives Support Corporation and JPMorgan Chase.
Deirdra Cox, executive director of the Gwinnett Chamber Foundation, says: “We are committed to empowering minority, veteran, and women-owned businesses with the resources they need to succeed. Achieving these certifications in just 60 days is a testament to the dedication of our team and the businesses in our cohort. This accomplishment aligns perfectly with our mission and highlights the importance of tailored support in navigating the community.”
This achievement reflects the Gwinnett Chamber Foundation’s commitment to fostering minority-owned business success and sets a new standard for what can be accomplished through focused collaboration and community assistance.
Pennington is GGC’s outstanding teacher
Georgia Gwinnett College’s (GGC) annual Fall Recognition Ceremony recently honored six faculty and two staff members for embracing its four pillars of scholarship, leadership, service and creativity.
The faculty awards are the result of nominations submitted by GGC students.
Dr. Richard Pennington, professor of chemistry, received the 2023-2024 Outstanding Teaching Award. Pennington is no stranger to this honor, having been recognized in 2012-2013. He says: “Organic chemistry is one of those subjects that it’s easy to get overwhelmed. I struggled with it myself as a student, but my professors made it as enjoyable as possible. That’s what I do for my students; make the students comfortable. I want them to understand I’m not a robot standing in front of the class and they’re not a number.”
The key, Pennington adds, is to let students know that they are there for them from day one and that it’s okay to ask questions and for help. “I had a student last semester who was shy and introverted. She told me that she would sit alone in the class and just do her work. Now, she’s in my second semester class and she’ll answer every question I ask and lead discussion groups with her classmates. It’s such a turnaround for her and gratifying for me to see her shine.”
At the end of the second semester class, Pennington asks his students to share what advice they would give to incoming students. That document, which he said he updates every semester, is available for all students to read. “The advice students give is very thoughtful and helpful to new students in the class. They talk about what you should do, and what happens if you don’t do what’s needed to succeed.”
Since joining GGC in 2007, he has received multiple honors including the Regents’ Teaching Excellence Award – 2013-2014, the Technology Association of Georgia Excalibur Award in 2011, and the Blackboard Catalyst Award for innovative Mobile Technology in 2012.
Other award winners include:
- Carrie Tatum, a part-time lecturer in psychology in the School of Liberal Arts, received the Outstanding Part-Time Faculty Teaching Award.
- Dr. Maryann White, associate professor of Criminal Justice/Criminology in the School of Liberal Arts, received the Outstanding Faculty Mentoring Award.
- Dr. Fengjie Sun, professor of biology in the School of Science and Technology, received the Outstanding Faculty Scholarship and Creative Activities Award.
- Dr. Cindy Robertson, associate professor of information technology in the School of Science and Technology, received the Outstanding Faculty Service Award.
- Dr. Sairam Tangirala, professor of physics in the School of Science and Technology, received the Outstanding Faculty Student Engagement Award.
Two staff members were recognized with Outstanding Staff Awards. They are Diana Gonzalez, a former student success adviser, and Jessica Manahan, administrative assistant in the School of Liberal Arts.
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