The Council for Quality Growth hosted its Annual Meeting and Economic Forecast last Monday where Dennis Lockhart, CEO and President of the Federal Reserve Bank of Atlanta, addressed more than 250 attendees. Lockhart shared his view of current economic conditions and his predictions for next year’s economic trends.
Lockhart highlighted evidence of improving employment conditions, citing net payroll jobs being added at a monthly rate averaging 241,000 jobs so far this fiscal year. Lockhart predicted sustained GDP growth at a 3% annualized rate and the unemployment rate falling between 5.25% and 5.5% by the end of the fiscal year in 2015. However, Lockhart said “I don’t think we are yet able to claim ultimate employment victory.” This in part is due to the large number of Americans who take part-time jobs because they cannot find full-time employment opportunities.
He also stated that the Federal Open Market Committee (FOMC) decision to begin raising the policy rate, which has been set at zero for the past 6 years, will be data-driven. Lockhart said he expects interest rates to “liftoff” mid-year 2015.
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