Next year should be better economically, according to participants in the 24th annual Economic Outlook Symposium, as gross domestic product will show more growth, inflation will rise to levels closer to what is considered "normal," and the jobless rate will dip.
Participants expect GDP to expand 2.4% this year and 3.0% next year. Inflation, as measured by the consumer price index, should average 0.9% this year and 1.6% next year, while unemployment is seen slipping to a "still quite high 9.2%."
Personal spending is seen rising 2.3% this year and 2.5% next year, while business spending should also increase.
Housing sector improvement is expected, with the consensus calling for residential investment decreasing 4.7% this year before rising at a 9.6% pace in 2011.
The one-year Treasury rate is expected to go up by 35 basis points from 2010 to 2011, and the 10-year Treasury rate is predicted to increase 46 basis points over the same time period.