From the July/August 2011 issue of Treasury & Risk magazine

Wobbly But Still Standing

Healing has been too slow for comfort, but some vital signs are improving. Three economists weigh in.

James SwansonThe U.S. economy continues to run cool to tepid. A recent flurry of weaker-than-expected data cast doubt on the stamina of the recovery. But James Swanson, chief investment strategist at MFS Investment Management, says the improvement in businesses’ capital expenditures will eventually generate job growth and bolster the economic expansion. Ethan Harris, co-head of global economics research at BofA Merrill Lynch Global Research, expects some improvement in job growth in the second half, but he notes that the economy remains vulnerable to shocks. And M. Cary Leahey, senior economist at Decision Economics, points to the housing market, with its huge inventory of unsold homes, as an impediment to a more vibrant U.S. economic recovery.

Business Spending Crawls Up

Ethan HarrisWaiting for Real Healing

Ethan Harris
Co-Head of Global Economics Research
BofA Merrill Lynch Global Research

Cary LeaheyHousing, the Problem Within

M. Cary Leahey
Managing Director and Senior Economist
Decision Economics

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