Story by Meredith Wilson
\nAudio by Bethel Habte<\/p>\n
A panel of economic experts exceeded an already optimistic outlook for 2015 with their predictions on gross domestic product, unemployment and the Dow during the Executives\u2019 Club of Chicago\u2019s Annual Economic Outlook Luncheon on Wednesday.<\/p>\n
Diane Swonk, chief economist and senior managing director of Mesirow Financial Services expects U.S. GDP to grow by 3 percent, unemployment to be under 5 percent and the Dow to close at 18,499.<\/p>\n
David Kelly, managing director and chief global strategist of JP Morgan Funds, places GDP at 3.1 percent, unemployment at 4.9 percent and the Dow at 19,000 by the end of the coming year.<\/p>\n
Bob Froelich, director of American Realty Capital and chairman and CEO of the Kane County Cougars, sent a wave of surprise through the audience with his 2015 forecast: GDP will grow by 4.2 percent, unemployment will sink to 4.8 percent and the Dow will close the year at 20,015.<\/p>\n
In their annual forecast, the Conference Board<\/a> predicted moderate growth of 2.6 percent in the United States, while Goldman Sachs<\/a> set growth at 3.1 percent. The Bureau of Labor Statistics recorded a 1 percent drop in unemployment in 2014 and Kiplinger<\/a> predicts it will continue to fall to 5.3 percent. The day of the luncheon, the Dow closed at 17,427.<\/p>\n Swonk sees a \u201ctailwind of jobs\u201d behind the American economy.<\/p>\n \u201cUnemployment will be below 5 percent. If it\u2019s higher, it\u2019s only because more people will be participating,\u201d Swonk said.<\/p>\n Kelly sees the gains in employment as dependent on the United States enacting policy changes, particularly of immigration law.<\/p>\n