Business economists more optimistic about US growth: Survey

The accelerated rollout of COVID-19 vaccines, along with the Biden administration’s rescue aid policies, have brightened the outlook for the US economy as it extends its recovery from the pandemic recession. That is the view of a majority of business economists that emerges from a survey being released Monday by the National Association for Business Economics. The results, based on responses from 97 NABE members earlier this month, found that two-thirds say the vaccines and the administration’s policies have increased their optimism.

An equally large proportion say the vaccine rollout and a new presidential administration have had a positive effect on their companies’ sales and hiring, up from only 37% who said so in a survey done in January.

In addition, 35% of the economists say they think the economy will grow at a robust rate of at least 6% over the next year. Only 4 percent of the economists had predicted growth that strong in the January survey.

In a further sign of their brightening outlook, nearly two-thirds of the business economists reported that their companies’ sales had increased over the past three months. That’s up from just over half of the respondents who said so in January.

The NABE’s survey results are consistent with rising expectations, at the Federal Reserve and among analysts in general, that the US economy has begun a strong recovery that should accelerate hiring and sustain a healthy pace of growth.

Conditions continued to improve during the first quarter of 2021, said Manuel Balmaseda, president of the NABE and chief economist at CEMEX, a multi-national manufacturer of cement products. This optimism is broad-based by sector.

The survey found that 43 percent of the respondents said that sales at their companies were now between 76 percent and 100 percent of their levels before the pandemic erupted last year. An additional 27 percent said their companies’ sales now exceeded pre-crisis levels.

According to the survey, businesses increased their hiring for a third consecutive quarter, with many companies reporting higher shortages in skilled labor categories. Among the respondents, 20 percent said that over the past three months hiring at their companies had risen, up from a pandemic low of 5% who said so last July.

Nearly two-thirds (63 percent) of the economists surveyed said that President Joe Bidens USD 1.9 trillion rescue package, signed into law in March, had raised their expectations about the economy’s future.

Asked about the administrations’ proposed multi-trillion-dollar infrastructure package, 41 percent of the NABE’s respondents said it had changed their outlook in a positive way, 24 percent said it had had a negative effect and 32 percent said it had not changed their economic view.


RSS Latest Press Release

  • Confort Prestige | Climatisation & Chauffage Announces HVAC Services For Improved Energy Efficiency
    TERREBONNE, QUEBEC- NOVEMBER 14, 2021- Premier heating and cooling company Confort Prestige is excited to share HVAC solutions with domestic customers in the Terrebonne area. These services aim to save customers money on their heating and cooling expenses throughout the year.   Since its debut, Confort Prestige has been committed to customer service. This starts […]
  • Hundreds of Car and Truck Parts Available from Salvage Specialist
    Morganville, NJ – When it comes to finding an auto part for a foreign or domestic vehicle, Trilenium Auto Salvage usually has the answer.   The Morganville, NJ salvage specialist has hundreds, if not thousands, of parts and components at its Tennent Rd premises available.   Trilenium Auto Salvage is one of the busiest salvage specialists […]
  • Flowsent Weed Delivery Offers the Fastest Weed Delivery Service in the Bay Area
    Bay Area, CA - As it becomes easier to get cannabis in different stores and online, weed delivery in Oakland, San Francisco, and other Bay Area cities are becoming more common. People are looking for the easiest way to get their hands on high-quality, safe cannabis, and nothing beats direct to your door.    Many […]
  • Cannamazoo Now Offering the Top Cannabis Concentrates in Michigan
    What are Cannabis Concentrates, Oils, and Extracts?   Kalamazoo, MI - You may be familiar with recreational cannabis in its usual form, but have you ever tried extracts, oils, and concentrates? Each of these forms offers unique effects and benefits that smoking cannabis flowers can't provide. Simple dosing, cleaner effects, and better taste are just […]