Housing Recovery to Continue in 2013
The U.S. economy will stay on a moderate growth path in 2013 amid weak consumer spending and business investment, according to a new survey published by the National Association for Business Economics.
The survey forecast that the U.S. housing market recovery will continue next year, with strong gains in residential construction and home prices. They also forecast gross domestic product would grow at an average annual rate of 2.1 percent in 2013. It predicted a 2.2 percent rate in 2012. The estimates are little changed from October's survey.
The labor market is seen improving, with nonfarm payrolls averaging 165,000 jobs per month next year. That is an improvement on the 155,000 jobs per month estimated in October.
So far in 2012, job gains have averaged 151,000 per month. The survey forecast the unemployment rate averaging 7.7 percent in 2013, down from the 7.9 percent predicted in October.