March 5, 2012: Economists Predict Moderate Growth in 2012, Diminishing Uncertainty
WASHINGTON — According to the latest outlook from the National Association for Business Economics (NABE), economists are predicting moderate growth, a brightening employment picture, and an increase in housing starts in 2012.
“Economists responding to the latest NABE Outlook Survey are seeing strength in a number of economic measures and have subsequently increased their expectations for employment, housing starts, and business spending,” said Gene Huang, president of NABE and chief economist at FedEx. “Despite increases in a number of forecasts, however, economists remain guarded on U.S. economic growth, with the median forecast of respondents calling for inflation-adjusted gross domestic product — real GDP — of 2.4 percent for the year in 2012. Respondents continue to expect consumer spending to grow below trend in 2012 and the federal deficit to increase before it eventually declines. Economists’ expectations for export growth have also weakened over the last four months. Collectively, forecast uncertainty among the economists appears to have diminished slightly over the last several months.”