Contact Us
Make My Homepage

Economy Picking Up Steam to End 2013 [AUDIO]

This year has been characterized by a slow yet steady economic recovery in the United States, but the pace of that trend may be quickening with less than a week left in 2013.

Money
Flickr User stevendepolo

“2014 looks very promising because over the past several months, the economy has been accelerating,” said Joseph Seneca, professor of economics at Rutgers University. “The gross domestic product was revised upward to be one of the highest quarter growths in several years, and there were strong gains in personal consumer spending.”

Seneca said increased private sector job growth is one reason to be optimistic, but not the only one.

“The economy has learned to live with fiscal contraction at the federal level,” Seneca said, “so I think Mr. Grinch for the Christmas season has been put in retreat, and we enter 2014 with some momentum.”

According to Seneca, next year’s consensus forecast of 2 percent or more in GDP growth may now be too low an estimate.

“These positive indicators help to create positive momentum moving forward, and sure, it gets into the opposite of what we were in: the vicious cycle turns into a virtuous cycle,” Seneca said.

As job growth continues to climb, more working Americans will generate more income.

“That income is spent, that ends up in more people’s balance sheets and income statements as further gains, and you develop that momentum,” Seneca said. “Success begets success, and that can lead to an acceleration into next year.”

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!