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U.S. Growth ‘Sluggish’ on Saving by Households, Coronado Says

Dec. 22 (Bloomberg) -- U.S. economic growth is “pretty sluggish compared to prior recoveries and prior expansions” partly because of increasing household saving, said BNP Paribas economist Julia Coronado.

“We have consumers that are trying to restore the health of their balance sheets,” Coronado said today in a radio interview on “Bloomberg Surveillance” with Tom Keene. “They are trying to save more and that’s not going to change.”

GDP could grow at a 3 percent annual rate in the current quarter, reflecting the improved pace of consumer spending during the holiday shopping season, Coronado said. That would follow the third quarter’s revised 2.6 percent annual rate, as reported today by the Commerce Department.

(In the U.S., hear Bloomberg Radio on satellite radio: Sirius Channel 130 and XM Channel 129. In New York City, tune to WBBR 1130 on the AM dial.)

To contact the reporters on this story: Vincent Del Giudice in Washington vdelgiudice@bloomberg.net; Thomas R. Keene in New York tkeene@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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