Recently there have been renewed concerns in some areas about a recession, but one leading economist in the Quad Cities says there's little chance of that happening, reports the Quad City Times

J.B. Penn, the chief economist at Deere & Co., said Tuesday that while there is instability around the world, economic output is expected to rise, while the labor market and even wages are rebounding.


According to the paper:

Penn noted that the U.S. economy is in its 26th month of an expansion. "Most analysts think that we are somewhere near mid-cycle, so that this expansion still has quite a ways to run. You hear some people talking about recessions, especially given the recent performance of the stock market, but that's a very, very low probability," he said.

Penn said analysts are expecting growth across the world to be 3.4 percent in 2016, up from 3.1 percent in 2015. And, he said, even the strong dollar is expected to begin to fall after the first part of 2016.

That would be good news for economies reliant on exports, like many in the Midwest.

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