CHARLESTON, W.Va. (AP) — The U.S. economy will continue to struggle to recover in 2012, buoyed by increased business investment but still overshadowed by a very weak labor market, a Federal Reserve economist told the annual West Virginia Economic Outlook Conference on Tuesday.
Economist Andy Bauer said the real estate market, after helping to trigger the Great Recession, remains a drag on the economy. With new housing starts at near-historic lows, the result includes depressed construction jobs and payroll levels, Bauer said.
"We expect to see a slower recovery in the coming quarters than we initially hoped," Bauer said. He added, "Going ahead, people are expecting 2012 to be more of a transition year."
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