Although officials seem eager to trot out headline after headline of positive economic news, the U.S. economy isn’t out of the woods yet. In fact, the U.S. recovery could be derailed by a number of factors, and one economist at yesterday’s FCIB International Profit Summit held in New York described caution about the American economy “well-founded.”
In his keynote address, Byron Shoulton, vice president and international economist with FCIA Management Co., Inc., noted that despite the nation’s “gradual” recovery, a number of factors could erase many of the gains made recently in employment, manufacturing and consumer confidence.
“The U.S. economy has shown glimmers of improvement over the last few months,” said Shoulton. “Job creation appears to be buoyant, with something like 200,000 jobs per month being produced here in the U.S., and growth in manufacturing and even existing home sales are starting to pick up. Car sales, for example, have been higher the last four months than they have been for three years, and even the banks, while they’re concerned with Basel III and the Dodd-Frank requirements, are showing a bit more select willingness to lend.”
(Note: More coverage of FCIB's International Profit Summit available now at the FCIB Twitter page -- under the handle/moniker "FCIB_Global"...as well as Thursday afternoon in the lead story of NACM's eNews at www.nacm.org and in the May edition of Business Credit Magazine, available at the end of the month).
Jacob Barron, CICP, NACM staff writer