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U.S. bankers see sustained economic expansion in 2011

01-15-2011 08:52 BJT

WASHINGTON, Jan. 14 (Xinhua) -- The U.S. economy is steadily improving along a path leading to sustained economic expansion in 2011, the American Bankers Association (ABA) said Friday.

"The economy is transitioning from reliance on monetary and fiscal stimulus to a sustained expansion in the private sector," said Stuart G. Hoffman, acting chairman of the Economic Advisory Committee (EAC) of ABA and chief economist of PNC Financial Services Group Inc., at a press conference.

"Businesses and consumers are feeling more confident about the economy, and job growth will accelerate as layoffs diminish and small business hiring picks up," said Hoffman.

The EAC said that while total job creation was disappointing in 2010, the economy did experience 12 consecutive months of private- sector job growth. The number of new jobs will increase by 2.1 million in 2011, well beyond the 1.1 million new jobs the U.S. economy added in 2010.

Consumer and business spending would also pick up along with job growth. As consumer spending is going to strengthen, along with strong business capital equipment spending, U.S. real GDP is expected to grow by 3.3 percent in 2011, added the EAC.

Job increase will push the unemployment rate down close to nine percent by year end. "However, growth in real GDP will take only a moderate bite out of the unemployment rate," said Hoffman.



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Editor:Zhang Pengfei |Source: Xinhua

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