NEW YORK (CNNMoney.com) -- Economists are optimistic that the recovery will continue in 2010, as the pace of job losses slows and hiring picks up, according to a survey released Monday.
In the quarterly survey by the National Association for Business Economics, all respondents expect gains in gross domestic product (GDP) this year, and 61% expect growth to exceed 2%. In the last survey in October, fewer than half of respondents expected 2%-plus growth.
"NABE's January 2010 Industry Survey provides new evidence that the U.S. recovery from the Great Recession continues, albeit at a slow pace," said William Strauss, a senior economist at the Federal Reserve Bank of Chicago, who helped conduct the analysis for the report.
Nearly a third of respondents expect hiring to increase in the first half of the year, up from 17% this time a year ago.
The outlooks were particularly strong for the financial and services sectors, with about 40% of economists expecting those industries to add jobs. Less than 15% of economists from the goods-producing and transportation sectors expect those industries to hire workers.
Signs point to a mildly easing credit crunch, with 35% of respondents reporting that credit conditions are "adversely impacting" their businesses -- a high number, but down substantially from the last two reports.
The survey results suggest the $787 billion stimulus bill passed last February is having a limited effect, with 69% of respondents reporting little impact on employment at their companies. There are 75 panelists who respond to the NABE survey -- sixty-four responded to the question regarding stimulus.
Federal Reserve Vice Chairman Stanley Fischer told CNN International anchor Richard Quest that concern's about China's slowdown is pushing back the Fed's decision to raise rates. More
Michael Dell is on the verge of the biggest tech deal ever. But he needs to raise a ton of debt before the market's next freakout. More
Yes, the new chip-enabled credit cards are more safe than what used to be in our wallets. But they aren't bullet-proof against fraud. More