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Wednesday, June 16, 2010

Economists See Moderate But Sustained Recovery

The ABA Economic Advisory Committee released its semiannual economic forecast. The committee sees that the economy is on a moderate but solid recovery path and that sustainable private sector job growth has begun.

"The economy is moving ahead in a lengthy rehab process and will eventually return to full health and strength. This involves transitioning from monetary and fiscal stimulus to a self sustaining recovery in the private sector," said Stuart G. Hoffman, committee chairman and chief economist of PNC Financial Services Group Inc.

The committee unanimously noted that a double-dip recession in the U.S. is very unlikely. More than 500,000 private industry jobs were created in the first five months of this year, and the committee foresees a total of 2.2 million new jobs in 2010 and another 2.5 million new jobs in 2011.

Still, despite this job growth the unemployment rate is seen to still by around 9.5 percent by the end of the year.

The full press release can be found here, while audio clips from the press conference can be listened to here.

The full forecast sheet can be downloaded here.

10.06.16 (Source: American Bankers Association)

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