US Economy to Grow 2.3% in 2013: Peterson Institute

The American economy may pick up modestly this year in a context of subdued inflation, the Peterson Institute for International Economies (PIIE), a Washington-based think tank, forecast Monday.

Speaking at the semi-annual "Global Economic Outlook" meeting held Monday, David Stockton, a senior fellow at the PIIE, predicted that the U.S. economy would continue its slow recovery and expand by 2.3 percent in 2013 as an underlying improvement in household spending will be largely offset by the fiscal consolidation of the so-called "sequester," -- the automatic across-the-board federal spending cuts.

(more on Peterson Institute's 2013 eocnomic forecast . . . )

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