This time, there's a growing feeling that the improvements can endure.
"We are looking for progressively faster growth as the year goes on," said Doug Handler, chief U.S. economist at IHS Global Insight.
The National Association for Business Economics predicts that the economy will grow 3.1 percent this year, far higher than the lackluster 1.9 percent gain in
2013.
If that forecast proves accurate, it would make 2014 the strongest year since the economy, as measured by the gross domestic product, expanded 3.4 percent in
2005. Since the Great Recession ended in June 2009, annual growth over the past four years has averaged a weak 2.2 percent.
The U.S. economy has been hit by a series of blows since then — from a Japanese tsunami and European debt crisis, which hurt U.S. exports, to Washington
budget fights, which fueled uncertainty about the government's spending and tax policies.
Tax increases and deep spending cuts that took effect in 2013 subtracted an estimated 1.5 percentage points from growth last year.
With Congress having reached a budget agreement and a deal to raise the government's borrowing limit, companies now have more certainty about federal fiscal
policies.
"We now seem to have a truce on budget issues, which means uncertainties have faded." Faucher said. "That is a big reason growth will be stronger."
Also helping will be an improving outlook overseas. Economies in Europe are strengthening, which should boost U.S. exports. In addition, the U.S. job market
is improving.
The Labor Department said Thursday that the number of people seeking unemployment benefits last week reached its lowest level since November — an
encouraging sign that hiring should be picking up.
In February, U.S. employers added 175,000 jobs, far more than in the two previous months. Though the unemployment rate rose to 6.7 percent from a five-year
low of 6.6 percent, it did so for an encouraging reason: More people grew optimistic about their job prospects and began seeking work. The unemployment rate
rose because some didn't immediately find jobs.
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