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Dayton
Business Journal
Bankers group
forecasts 2.1M new jobs in 2011
Economic recovery is going to take effort, but is not unreachable,
according to the American Bankers Association’s Economic Advisory
Committee.
The 14-member committee on Friday predicted improvement in the economy
could be realized this year.
The committee anticipates that 2.1 million new jobs will be created in
2011, especially near year end. Such job growth, spurred by small
business expansion, would be nearly double that of 2010, when 1.1
million jobs were added and the economy marked 12 consecutive months of
job growth in the private sector.
“The economy is transitioning from reliance on monetary and fiscal
stimulus to a sustained expansion in the private sector. Businesses and
consumers are feeling more confident about the economy, and job growth
will accelerate as layoffs diminish and small business hiring picks
up,” said Stuart Hoffman, acting committee chairman and chief economist
of PNC Financial Services Group Inc. (NYSE: PNC).
Through job creation, the national unemployment rate should near 9
percent by the end of the year. The committee predicts improvements in
employment levels will encourage consumers and businesses to spend more
freely and that greater spending will in turn aid in a 3.3 percent
growth in the GDP.
Dayton Business Journal
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