Economists: U.S. economy is booming

WASHINGTON, March 29 (UPI) -- Fifty-six economists surveyed about their views on the U.S. economy predict job creation will rise this year, USA Today reported Monday.

The economists also predict businesses and consumers will continue to spend more as the unemployment rate falls.

In addition, inflation will stay low, allowing the Federal Reserve keep interest rates at historic lows a bit longer.

"I consider it a booming economy," says Timothy Rogers, chief economist at Boston-based Briefing.com, a site that provides data and analysis for investors.

He and other economists are most heartened by the big pickup in business spending. Businesses sent the economy into a recession as they cut spending starting in late 2000.

After picking up last year, business investment is expected to increase by double digits each quarter through 2004.

"Business looks really very, very good," Decision Economics President Allen Sinai says, noting that corporate profits are rising rapidly.

That means firms can spend on new technology and new hiring.