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This article is continued
from the January 2010 CarolinaLiving.com
eBrief.
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How
Weak will the Recovery Be?
Excerpts from a CharlotteObserver.com article
By John Murawski
"We all know it's going to be a weak recovery," UNC Charlotte economist John Connaughton told about 1,000 business executives and others who attended the annual economic forecast forum in Raleigh on Monday.
Bank of America CEO Brian Moynihan told the Raleigh crowd that he thought the economy had at least hit bottom, and he predicted a long, slow recovery.
"The economic hole we're climbing out of is very deep," he said. "Getting out will not be easy, and it will take some time."
He said he believes jobs will increase early this year, though the unemployment rate will remain "stubbornly high."
He also said that large companies appear poised for growth, and that he expects mergers and acquisitions, initial public offerings and similar activity to pick up in 2010, particularly in health care and technology.
Federal Reserve governor Elizabeth Duke agreed that unemployment will remain high in 2010, but she predicted a "moderate pace" of economic growth.
While gaining access to credit "remains difficult" for many consumers and small businesses, Duke said that she's "somewhat optimistic" that lending will ease later this year. Duke also said she expects inflation to stay "subdued."
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