I desperately wanted to use my favorite economic phrase this year--"cautiously optimistic"--for this space, but the majority of the economists I asked to contribute to this supplement have convinced me of my potential naiveté. 

Uncertainty certainly has been the watchword this year, as shock-and-awe style actions at the federal level, coupled  with stubborn inflation and interest-rate levels and continued unrest elsewhere in the world, left businesses here only guessing about what is next. As a result, it has felt a bit like we are all on hold.

Looking ahead, aside from potential good news about a looser monetary policy, perhaps some stimulus from legislation, and a relatively stable labor market, most agree that some uncertainty will remain in 2026. Good things appear to be offset by bad, and correctly interpreting that paradox is fraught with peril.

As one of our economists wrote: The labor force is tightening, but unemployment remains low; economic uncertainty is on the rise, but the stock market remains strong; prices continue to rise, but consumer spending is up as well.

Another wrote of the current uncertainty: "The overwhelming feedback (from employers) is that it has slowed or halted hiring and investment decisions."

No one is talking gloom or doom, but all seem to point to more of the same, at least in the short term.

This is the 28th year the Journal of Business has partnered with Greater Spokane Incorporated and its predecessor to bring you the annual Economic Forecast event. 

We are also pleased to provide you with this companion supplement that puts into printed (and digital) words some of that which the event's keynote speakers provide, and much more.

This year's Economic Forecast event, titled "National Forces, Local Reality," features economists Grant Forsyth, of Avista Corp.; Steve Scranton, of Washington Trust Bank; and Vange Hochheimer, of Whitworth University, and their voices are included in this supplement.

We also have excellent articles by economists John Mitchell, formerly of U.S. Bancorp fame; Patrick Jones, of Eastern Washington University; and Mike McBride, of the state Employment Security Department.

I am confident that our authors' insights and wisdom will help you understand the trends and risks ahead. Their varied approaches and perspectives make the supplement even more valuable.

Let me close by reminding us that we all have significant practical influence on the local economy. We get to decide when to expand and hire and make business investments, despite the noise of federal and global uncertainty. Perhaps we get to decide on our own if we are cautiously optimistic about our domains.

Paul Read is publisher of the Journal of Business.