Look to Labor Day as the point at which the U.S. economy shifts from low gear into a modestly higher gear. That’s when the 2% growth rate of recent years is expected to accelerate to a new cyclical growth rate of 3% or more, according the latest economic update from BNY Mellon’s Chief Economist Richard Hoey.

“We do face the sequester in the next few months, so that might give us a few months of more mixed economic numbers. But, from Labor Day on, I expect the U.S. economy will have a trend of growth faster than in the last several years,” he says in a video.

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