NABE: Economists Are Getting More Optimistic About The US Economy

TBI ^ | 2-27-2012 | AP

[blam]

NABE: Economists Are Getting More Optimistic About The US Economy

AP
Febuary 27, 2012

NEW YORK (AP) — Economists are increasingly confident that some pillars of the U.S. economy will improve this year, but they still remain cautious in their expectations on the overall pace of economic growth.

The National Association for Business Economics said Monday that forecasters have raised their expectations for employment, new home construction and business spending this year. But they held on to their average prediction that America's gross domestic product, or GDP, will grow at a rate of 2.4 percent. That's a slight improvement from 2011, when economists believe the economy grew 1.6 percent. Final economic growth numbers for 2011 are due out Wednesday.

GDP reflects the economy's total output of goods and services. The latest forecast is in line with one issued by the group in November that called for the economy to grow 2.4 percent this year. Forecasters predict growth will be stronger in the second half of 2012 than it will be through June.

NABE economists see the unemployment rate sticking at 8.3 percent this year, matching January figures. That's improved from their November forecast of 8.9 percent. Unemployment peaked at 10 percent in October of 2009. The economists expect job growth to accelerate next year, and forecast the unemployment rate will fall to 7.8 percent. GDP growth needs to be above 3 percent to significantly lower unemployment.

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[DuncanWaring]

Your local media outlets (TV, radio news, print) have been carrying this and similar AP stories, and will continue to do so until election day. Your neighbors will see, hear, and read them and largely believe them.

Just think back to the Great Lie of the '92 Presidential campaign - "Worst economy in 50 years".

It had clearly been far worse a mere 12 years earlier, during the dying days of the Carter administration, within recent memory of most people hearing it, yet they fell for the lie.