Economists Predict Higher Consumer Spending
Washington, DC, May 20, 2013 -- Consumer spending is likely to pick up this year, according to a survey by the National Association of Business Economics.
The survey shows that economists also believe government spending will decline at a faster rate.
The 49 economists predict that the U.S. economy will grow 2.4% this year and 3% next year, which is no change from the previous survey.
However, they are more positive about consumer spending and housing than they were three months ago, largely because they're more positive about the job market.
predicted that consumer spending will rise 2.3% this year, up from a forecast of 1.9% in February.
They also predicted that home prices will rise 4.4% this year and 4% next year.