Alabama commerce secretary, governor note challenges, opportunities ahead for state economy

Alabama is not immune to global economic disruptions, but is in a strong position to turn challenges into opportunities, according to the state’s commerce secretary. Secretary Greg Canfield said at the Economic Development Association of Alabama’s 2022 Summer Conference this week that the economic disruptions that began with the global pandemic now include worldwide inflation, a tight labor market and ongoing supply chain issues. “Everyone is talking about disruptions again. It seems like we can’t get out of this pattern of talking about disruptions,” Canfield said. “Yes, we’re coming out of the pandemic, but now we’re facing things like the highest inflation that we’ve seen in 40 years.” While Alabama is feeling the pressures, so is the rest of the world, Canfield said. “We’re concerned that this is a different time,” Canfield said. He referenced the popular Netflix show “Stranger Things” and its Upside Down world where things seem to be opposite. “What is normally good news today is not being perceived as good news by the Federal Reserve,” Canfield said. “What I mean by that is the June reports for joblessness were great. The June reports for the number of jobs being created was great. But the Fed happens…
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