The U.S. economy is expected to maintain solid growth throughout 2015, with real GDP forecast to grow at a pace of 3.1%, a report issued by BMO Economics and run by CNN Money said. The positive growth prediction is a result of a variety of factors, namely lower oil prices, strong consumer spending, significant job growth, solid housing market momentum and significant business investment, according to the report.

“Consumer spending and housing look to lead economic growth this year, more than offsetting weakening net exports and ebbing business investment flows, particularly in the oil sector,” said Michael Gregory, head of U.S. Economics, BMO Capital Markets. “While wage trends continue to disappoint, for consumers and the economy as a whole, this is being more than offset by the sheer number of jobs being created.”

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