Economists predict increase in consumer spending

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Associated Press

Posted on May 20, 2013 at 7:01 AM

Updated Monday, May 20 at 7:01 AM

WASHINGTON (AP) — Consumer spending is likely to pick up this year while government spending declines at a faster rate, according to a survey of business economists.

The economists predict that the U.S. economy will grow 2.4 percent this year and 3 percent next year. That's unchanged from their forecast in February.

But they are more bullish on consumer spending and the housing market than they were three months ago. That partly reflects a more positive view on unemployment.

The survey was released Monday by the National Association for Business Economics.

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