Economists feeling a bit more hopeful

Economists at major U.S. corporations believe that the economy will steer clear of a recession, but most don't expect sustained economic growth this year, according to a report released today by the Washington-based National Association of Business Economists. Forty-five percent of NABE members forecasted growth of less than 1% during the second half of the year and 10% saw the economy contracting over that period of time. Forty-four percent of the respondents expected the gross domestic product to grow more than 1%. “Respondents were more varied than in the decidedly downbeat April survey about recent results and the next few quarters, but they were far from ebullient,” Ken Simonson, chief executive of Associated General Contractors of America of Arlington, Va., said in a statement. Forty-one percent of respondents stated that tightening credit conditions had negatively affected their businesses, up from 39% in April, according to the survey. The survey included 101 NABE members and was conducted between June 19 and July 10.