News / Economy

Economic Forecasters See US Advance

A shopper walks past a 100-foot U.S. flag that will be on display to honor veterans until July 4th, in a department store in Chicago, Illinois, May 23, 2014.
A shopper walks past a 100-foot U.S. flag that will be on display to honor veterans until July 4th, in a department store in Chicago, Illinois, May 23, 2014.
Ken Bredemeier
— Economic forecasters say they expect the American economy to advance at a faster pace in the coming months.

The U.S. economy shrank one percent in the first three months of the year. 

But the National Association for Business Economics said Monday its group of 47 forecasters expects growth to advance at an annual pace of more than 3 percent in each of the last three quarters of 2014.

The professional group's president, Jack Kleinhenz, National Retail Federation chief economist, says the consensus is the U.S. economy will rebound at an annual advance of 3.5 percent in the current quarter, with smaller jumps in the second half of the year.

The group is predicting 2.5 percent growth for the year as a whole, down from an earlier 2.8 percent projection.

The economists say they expect the country's labor market to add an average of 209,000 jobs a month this year.

That is near the number added in May, with the national unemployment rate dipping slightly from the current 6.3 percent level.

They predicted the country's central bank, the Federal Reserve, will continue to trim its purchase of securities to support the U.S. economy and end them altogether in late 2014.

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by: Donald Fraser Miles from: Elliot Lake, Canada
June 10, 2014 7:54 AM
The tapering of quantitative easing has lead to conditions for a long term robust American economy. I expect growth to approach 5% within two years and to stay at that figure or approach 6% afterwards. Increasing the money supply through quantitative easing was essential when used. However, like all remedies the use of such a remedy is short to mid-term in length. It is always best not to interfere for long periods in the application of interferences to a free market, although some mild adjustments need always be addressed and made.

To irrigate farmland parched with drought makes sense until such time as the land is steeped with water. Once the land is watered, as the same with quantitative easing and the economy being the water and farmland, then it is the sun together with the replenished land which with good soil gives abundance in crop production. The American economy may need to be watered again in the future but only to adjust for money supply conditions failing to meet economic growth needs.

The parallels of soil, water and sun are the conditions of industry in costs of production, existence of capital and industrial competitiveness. I see the American economy, as with others in Europe, having broken through the "water" or capital diversion and waste problems caused the capital market or irrigation breakdown of the mid to late 2000s.

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