From the President's Desk - September 1, 2023

Welcome back to Legatus’ From the President’s Desk!

From the President’s Desk is a chance for me to share with you what has held my attention this week. The weekly update will present a selection of observations and news stories focused on Catholic, business, and secular affairs, oriented to inform and empower Catholic professional leaders like you. ??

?? 4 min read?

???? Catholics and Labor Day

Monday is Labor Day. While this day is a secular observance, the Catholic Church has much to teach us about labor. The Dignity of Work and the Rights of Workers , a document from the United States Conference of Catholic Bishops, is a great tool to help us understand Labor Day from a Catholic perspective. Give it a read and pass it along. Let us also recall what Pope Francis has taught us about work : “Man is involved in work. It is man’s first vocation: to work. And this gives dignity to man. The dignity that makes him resemble God.”

?? On the Road

This August was my tenth anniversary working for Legatus, and my seventh year as president. One of the many blessings of working at Legatus headquarters in Ann Arbor, Michigan, is sharing the story of our founder Tom Monaghan through tours of Dominos Farms. Mr. Monaghan was a visionary and created this complex that provides amenities for people working on-site, honors the land around it, and is an architectural statement that pays tribute to the Prairie style of Frank Lloyd Wright.

This past week, I was visited at Domino's Farms by Sam Goodwin, who touted that his visit to speak that evening to the Detroit Legatus Chapter was his thirty-ninth Legatus Chapter presentation!

If your travels take you to Ann Arbor or Detroit, don’t hesitate to stop and see us. And if I am in the office, I will give you a tour!

?? Revised GDP Growth

The growth in GDP last quarter wasn’t quite as strong as we thought. Axios has the details :

The economy expanded at a 2.1% annual rate in the April through June quarter, the Commerce Department said Wednesday, not the 2.4% initially estimated.

More noteworthy, gross domestic income, an alternate measure of economic growth, showed an even more modest expansion. It rose at only a 0.5% annual rate in Q2, implying growth well below the long-term trend.

?? What About Future Growth?

The Federal Reserve Bank of St. Louis released a report this week, Lower Inflation, GDP Growth Positive Signs for U.S. Economy . They had the following analysis:

The third quarter 2023 Survey of Professional Forecasters , published by the Federal Reserve Bank of Philadelphia, indicates that private-sector professional forecasters expect slowing growth of real GDP, headline inflation and core inflation over the next four quarters, as well as a modest rise in the unemployment rate. These forecasts, less the one for core inflation, are plotted in the figure below. Pointedly, though, forecasts for real GDP growth over the following four quarters remain positive.

?? Are You Saved?

This thoughtful video from Breaking In The Habit , whose mission “is to evangelize and catechize in the Franciscan spirit in order to promote faith, energize communities, inspire active involvement, and encourage vocations to consecrated life,” walks through the question, “are you saved?” from a Catholic perspective. This is another great tool to share with fellow Catholics, those who have questions about the Catholic faith, as well as our kids and grandkids.

Thank you for reading, and be on the lookout for our next From the President’s Desk!

Stephen Henley