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Economists say recovery looks stronger than expected
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| Contributor | kal |
| Last Edited | Karma Policeman Apr 26, 2010 09:42am |
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| Category | General |
| Media | Newspaper - USA Today |
| News Date | Monday, April 26, 2010 01:00:00 PM UTC0:0 |
| Description | The recovery is shaping up to be stronger than expected and there is little risk the economy will slip back into a recession, according to USA TODAY's quarterly survey of 46 leading economists.
Yet most still say the rebound will fall short of the sharp, V-shaped upturns that often follow severe slumps, and the 9.7% jobless rate will fall slowly.
As the Fed meets to assess the economy this week, seven in 10 economists say they're more optimistic than they were three months ago.
"I think we've gotten to a point where it's a self-sustaining recovery," says Standard & Poor's chief economist David Wyss.
The experts predict growth of 3% this year, up from forecasts of 2.8% in January. In V-shaped upswings, growth is often 7% or more.
None see a return to recession by next year, and those who see some risk say it's lessened markedly.
"I feel more confident ... there'll be no relapse," says Stuart Hoffman, chief economist of PNC Financial Services Group.
Yet while the economists say unemployment will fall steadily this year, their median estimates are for a 9.4% jobless rate at year's end and 8.5% at the end of 2011. More than 80% say the U.S. won't regain all jobs lost in the recession until 2013 or later.
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