Economists Predict U.S. Economy to Emerge from Recession by Late Summer

Several economists from some of the nation’s top banks have predicted the economy of the United States will emerge from its recession by late summer but warned it could still be some time before the economy returns to health.

According to the Economic Advisory Committee of the American Bankers Association economic activity is expected to increase by 0.5% between July and September as consumer spending picks up. That should help offset some of the damage caused by three consecutive quarters in which the economy has shrunk.

Despite the cautionary optimism regarding the economy there have also been warnings that the unemployment rate could hit 10% early next year. That figure would likely remain until the economy puts together several quarters of growth as industries try to recover from the market conditions that led to the recession.

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