Economic recovery losing momentum: NABE survey

Merrill Lynch Wealth Management President Andy Sieg on the current consumer market and how to best allocate capital within it.

A group of business economists’ confidence in the U.S. economy is waning, a decline driven by the possibility of a new, vaccine-resistant COVID-19 variant.  

A survey released Monday by the National Association for Business Economics shows that its members expect the economy to grow 5.6% this year – down sharply from their previous estimate of 6.5%. The respondents projected the economy will grow by 3.5% in 2022. 

“NABE Outlook survey panelists have moderated their expectations about the prospects for economic growth in 2021 since May,” said David Altig, president-elect of the NABE and the director of research at the Federal Reserve Bank of Atlanta. 

The economists are increasingly becoming more pessimistic about the growth outlook: More than half of respondents – 58% – said risks to the economy are skewed to the…

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