The Nation’s Economic Outlook

THE NATION’S ECONOMIC OUTLOOK By Jack Malehorn STRONG AND RESILENT: THE ECONOMY LOOKING GOOD As the waning months of winter slowly give way to the hope of spring, a warm glow of optimism embraces the Consensus Outlook. Across the board, the projections are positive and strong as the season slowly transitions into unobstructed growth and anticipated prosperity. Recent upward revisions of growth in the economy at the end of last year and stronger holiday sales than originally expected seemed like a long overdue vacation for those who braved the cold, snow and winds of a relentless winter. And while the storm clouds on the horizon are still present, accentuated by concern over rising oil prices, hints of impending inflation, edging up of interest rates and the ubiquitous presence of the threat of terrorism, it just doesn’t appear as foreboding as in the past. The anticipated path of the economy is analogous to a vehicle’s independent suspension. While some sectors are expected to slow, e.g., housing and autos, others such as business spending appear ready to pick up the slack. As such, real growth of near 3.7 percent is expected in Gross Domestic Product for the year. CONSUMER ...