Despite concerns about economic conditions in Europe, respondents in the quarterly survey by the National Assn. for Business Economics said they were more optimistic about overall U.S. growth than they were in July.
About 85% said they expected total economic output, or gross domestic product, to expand by more than 2% over the next year. That compared with 77% with those expectations in the last quarterly survey.
“Business conditions continued to improve during the third quarter, albeit at a marginally subdued pace from that of the second quarter, and the majority of the NABE Business Conditions Survey panelists report strong expectations for continued economic growth,” John Silvia, the chief economist for Wells Fargo Securities who serves as the organization’s president, said in a statement.
The findings are in line with analysts’ forecasts for solid economic growth in the third quarter of the year, but a drop-off from the strong 4.6% annual rate in the previous quarter. Part of that robust second-quarter expansion was the economy catching up from a weather-induced contraction over the winter.
Read more: Los Angeles Times