A reasonable projection is that economic growth will be modestly below trend in the near term but that, over the course of the coming year, it will return to a rate that is roughly in line with the growth rate of the economy's underlying productive capacity.
This scenario envisions that consumer spending - supported by rising incomes and the recent decline in energy prices - will continue to grow near its trend rate, and that the drag on the economy from the motor vehicle and housing sectors will gradually diminish.