Business Economists See Improving Economy

Washington, DC, July 11, 2014 -- Business economists have lowered their expectations for second quarter growth but don't believe a recession will occur anytime soon.

The National Association for Business Economics' Outlook survey of 50 economists shows that participants believe the Federal Reserve will begin raising interest rates earlier than expected. They believe the economy is on solid ground.

More than half of those surveyed forecast the Fed will next increase its federal funds rate target in the first half of 2015.

The economists also expect personal consumption expenditures in the second quarter to increase 2.3%, down from a previous estimate of 2.9% in June.