Two separate forecasts released last week reiterated the the U.S. economic recovery is continuing, albeit at a very slow pace:
The Chapman University forecast says that Gross Domestic Product will grow at 2.7% this year, and 3.6% percent by the end of 2012. Read more on the forecast at the Los Angeles Times.
Meanwhile, the people behind the Conference Board Leading Economic Index® said that its measurements increased 0.8 percent in May. Says Ataman Ozyildirim, economist at The Conference Board: "The U.S. LEI rebounded in May and resumed its upward trend with a majority of the components supporting this gain. The Coincident Economic Index, a monthly measure of current economic conditions, continued to increase slowly but steadily. Overall, despite short-term volatility, the composite indexes still point to expanding economic activity in the coming months."
Says Ken Goldstein, economist at The Conference Board: "Modest economic growth is being buffeted by some strong headwinds, including high gas and food prices and a soft housing market. The economy will likely continue to grow through the summer and fall, however it will be choppy."
To review the Conference Board findings, click HERE