Economists more upbeat about job growth, housing

[May 21, 2012]  NEW YORK (AP) -- A new survey shows economists are growing slightly more optimistic about recovery in the job and housing markets but expect other pillars of the economy to remain weak.

The National Association for Business Economists says in a report issued Monday that its forecasters expect modest growth for the remainder of the year, with the pace picking up in 2013.

Still, the 54 economists NABE surveyed expect consumer spending, business investment and gross domestic product to remain below historic norms.

The quarterly survey compiles expectations for indicators such as hiring, home construction and spending from economists at industry groups, government agencies, banks and consultancies.

The panel now expects average monthly job growth for 2012 of 188,000 and says the unemployment rate will fall to 8 percent by the end of 2012.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.