The U.S. economy is on pace for growth of 2.5% over the course of 2016, said Charles Evans, president of the Federal Reserve Bank in Chicago, speaking in London on Monday. “The most important fundamental is the improvement of labor prospects. The U.S. labor market has been strong for quite some time,” he said at the City Week conference. “More recently, labor-force participation has improved noticeably,” he said. But weak spots for the economic outlook include the impact of lower commodity prices on capital expenditure, and “the international sector has been a drag on growth.” Evans, considered to be a dovish Fed official, is not a voting member on the Fed’s interest-rate setting board this year.
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