The National Electrical Manufacturers Association (NEMA) today announced that Don Leavens, vice president and chief economist, and Tim Gill, deputy chief economist, placed in the top ten in The Wall Street Journal's monthly economic forecast survey for the third consecutive year. NEMA’s team had the seventh most accurate macroeconomic forecast in 2013 among the more than 50 nationally-recognized economists who participate in the survey. After taking the top spot for their 2011 forecast, Leavens and Gill followed up with a fifth place showing in 2012. No other participant has compiled as consistent a record of accuracy in recent years.
The Journal's panel includes leading economists from academia, Wall Street investment firms, commercial banks, consulting firms, private companies, and trade associations. Their contributions are evaluated using a methodology designed by the Federal Reserve Bank of Atlanta. NEMA’s team has also won past recognition for their forecasts of housing market conditions.
“We’ve been cautious in evaluating numerous premature signals that the economy was poised to accelerate strongly,” said Leavens. “In fact, a long list of factors has made this slow, choppy business cycle recovery unique in the last seven decades.”
How do NEMA’s forecasters expect the economy to perform in 2014?
“Broad economic growth is likely to remain below its long-run average,” according to Gill, “but improvement in the manufacturing, construction, and export sectors should give the electroindustry recovery a second wind in 2014 and 2015.”
Detailed analyses and forecasts of macroeconomic and industry conditions are available in NEMA’s monthly Electroindustry Economic Outlook publication.
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Rosslyn, Virginia. Nearly 400 members strong, its companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Total U.S. shipments for electroindustry products exceed $100 billion annually.