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.
Electrical Manufacturers Association (NEMA) represents nearly 350 electrical
equipment and medical imaging manufacturers that make safe, reliable, and efficient products
and systems. Our combined industries
account for 360,000 American jobs in more than 7,000 facilities covering every
state. Our industry produces $106 billion shipments of electrical equipment and
medical imaging technologies per year with $36 billion exports.