Bank economists forecast slower growth in 2019

Source: The Hill

A group of leading bank economists is projecting slower, but steady economic growth for the U.S. in 2019 amid global fears of an economic slowdown.

The economic advisory committee of American Bankers Association (ABA) on Wednesday released its forecast for 2019 and 2020. The group of 15 economists from major U.S. and Canadian banks projected GDP growth and monthly job gains would slow this year with a 20 percent chance of a recession starting in 2019.

Robert Dye, chief economist at Comerica Bank and the committee’s chairman, said a strong labor market, solid consumer spending and accelerating wage growth should keep the economy expanding through 2019.

“Given the tight labor market, firms will be forced to pay up to hire,” Dye said in a statement. “More jobs and rising pay should keep confidence elevated and consumer spending healthy.”

Read more: https://thehill.com/policy/finance/424554-bank-economists-forecast-slower-growth-in-2019