A couple of economists are painting a relatively upbeat picture about the U.S. and New York State economy in the year ahead.
The comments came at Wednesday’s annual Economic Outlook Seminar in Rochester.
The seminar is put on by the U of R's Simon School of Business and JP Morgan Chase, and experts associated with both places seem to be relatively optimistic about our economic prospects this year.
Charles Plosser is a former Dean of the Simon School and is currently President of the Federal Reserve Bank of Philadelphia. He says the U.S. economy is continuing to improve at a moderate pace. He expects growth in the economy to be about 3 percent this year, which Plosser says is below what some people would like to see, but he says it still represents steady progress and an improving economy.
"Prospects for labor markets will continue to gradually improve and I expect the unemployment rate to fall to around 6.2 percent by the end of this year. I also believe that expectations of inflation remain stable, that's good, and that inflation will move gradually back toward our target of two percent. "
James Glasser, who is chief economist for JP Morgan Chase, also expressed optimism about the U.S. economy this year. He says the overall drop in unemployment claims is a sign that the economy is improving.