Slowly and somewhat unsteadily, Tennessee and the U.S. are recovering from the Great Recession.

UTKSlowly and somewhat unsteadily, Tennessee and the U.S. are recovering from the Great Recession.

That’s the cautiously optimistic prediction in the 2012 Economic Report to the Governor, released today by the Center for Business and Economic Research at the University of Tennessee, Knoxville.

“We expect the expansion to continue, albeit at a modest pace,” said Matt Murray, associate director of CBER and lead author of the annual report. “The economic outlook for Tennessee calls for conditions to improve further in 2012 and 2013, assuming nothing derails the path of growth for the nation.”

Murray cited Tennessee’s gains in personal income, taxable sales and job creation as key indicators of economic improvement.

Problems that caused hiccups in the nation’s economic recovery during 2011 included continuing problems in the housing sector and “political gridlock in tackling the nation’s fiscal problems which contributed to falling consumer and business confidence over the year,” he added.

Nevertheless, employment gains and a revival of the manufacturing sector have helped stabilize the national economy and set it on course for further improvement.

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Source: University of Tennessee, Knoxville
Image: University of Tennessee, Knoxville