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Sunday, January 2, 2011
2011 New Year Brings Glimmers Of Economic Hope
by Marilyn Geewax
The old year could not have ended soon enough for the millions of Americans who spent 2010 struggling to find jobs or avoid foreclosure notices. Now it's a new year, and many economists are seeing reasons for optimism.
They note that consumer expenditures have been rising for half a year, and take-home pay has increased 3.4 percent over the last 12 months. Manufacturing also is perking up, with orders for civilian capital goods rising briskly.
The upticks have prompted economists to raise growth estimates for 2011. Surveys of economists show most now expect an expansion rate of 3 percent to 3.5 percent in 2011. That pace would be up sharply from the start of 2009, when the recession was deepening and the economy shrinking by more than 6 percent.
Still, the 2011 pace of expansion will not be quick enough to provide paychecks for all of the 15 million workers seeking employment. As a result, most economists are estimating the current 9.8 percent unemployment rate will ease only slightly, down to about 9 percent for the year.
On the housing front, most see a recovery coming, but not until later in the year. Mark Zandi, the chief economist of Moody's Analytics, said, "Housing hits bottom in 2011."
Zandi expects more price declines and foreclosures in the first half of the year. But by the second half, "I think the price declines will be over," he said. "By the end of the year, [the market will see] some price stability, and by 2012 some price growth."
Consumer prices could be a wild card for 2011. Some economists fear consumer demand will remain so slack that prices could fall in the new year.
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