NAM Economist Sees Economy Slowly Improving

Washington, DC, Sept. 20, 2010--Last week’s economic reports again were modestly on the positive side, with five of the nine major indicators improving, according to Dave Huether, chief economist for the National Association of Manufacturers.

At the same time, he said, last week's reports do not signal that the economic recovery is gaining steam.

Huether noted that reports indicate that fears of a double-dip recession are not supported by the incoming data. 

"While this is good news, the recovery remains in a soft patch, evidenced most clearly by last week's report on industrial production," Huether said in his Monday report.

While manufacturing output continued to increase in August, the pace of growth slowed. In the three months ending in August, manufacturing production increased at an annual rate of 2%, the slowest pace in 14 months.

"With the temporary effects of various fiscal stimulus measures now in the rear view mirror, the economic recovery remains stuck in low gear," Huether said.

He said improving weekly unemployment claims and higher exports are among the factors that point to a slow recovery, rather than a reversal.