Economist Darrell Spence discusses his expectations for accelerating growth in the U.S.

Despite recent signs of a slowdown in activity, the U.S. economy remains in expansion mode and growth is likely to accelerate in the months ahead, says Capital Group economist Darrell Spence. Severe weather has clearly had an impact in recent months. However, taking a step back and looking at the big picture, the U.S. economic recovery remains on track, thanks to pent-up housing demand, accommodative monetary policy, improving fiscal conditions at state and local governments, a significant federal budget compromise, and the end of a long-running recession in Europe that had dented U.S. exports. 

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Since 2006, U.S. consumers and businesses have been reducing the debt on their balance sheets. The U.S. deleveraging process is now very advanced and there is evidence to suggest that it may be coming to an end. In fact, early signs suggest consumers and businesses may be moving from a deleveraging phase into a releveraging phase.

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There are periods of fundamental change that can transform the way we live and work. The Industrial Revolution, of course, changed everything from agriculture to the social structure, effectively ending the way mankind had functioned for thousands of years.

Today it seems as if we are in the middle of another revolution, and clearly these changes pose significant challenges and opportunities for long-term investors.

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Portfolio manager Tim Armour discusses equity investing, the European economic recovery, his outlook for interest rates and pockets of value he sees in the market.

It has been more than five years since the financial crisis. We’ve experienced strong equity market returns, but a lackluster economic recovery. At the midpoint of 2014, where do you think we are in the recovery process and what is your outlook?

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