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Report Finds Positive U.S. Economic Forecast; Projects Moderate But Sustainable Growth in GDP, Jobs

July 30, 2010 — Tangible signs of U.S. economic turnaround are evident, and the recovery is on its way, according to economic analysis released by the Milken Institute, a nonprofit, independent economic think tank.

The forecast, "From Recession to Recovery: Analyzing America's Return to Growth," calls for modest but sustainable growth in GDP, consumer spending and jobs. According to report author Ross DeVol, who also is executive director of economic research for the Milken Institute, strong recovery in business investment in equipment, more robust exports, a more upbeat consumer and continued low interest rates will fuel the growing recovery.

Key points in the forecast:

• Real GDP will grow at 3.5% in 2010, 3.7% in 2011, and 3.8% in 2012. Growth returns to slightly less than 3% from 2013 to 2015.
• The United States will add 1.8 million jobs in 2010, 3.1 million in 2011, and 2.6 million in 2012.
• Real consumer spending is projected to increase 2.8% in 2010, 3.5% in 2011 and 3% in 2012.

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