AUBURN — Odds are we’re not headed for a double-dip recession but 2011 won’t be a repeat of 2010 — and that’s not such great news.

Economist Bruce McCain gave that brief forecast Thursday to a crowded Androscoggin County Chamber of Commerce breakfast meeting at the Hilton Garden Inn. McCain is the chief investment strategist for Key Private Bank and a frequent guest on CNBC and Bloomberg TV.

Polls show, he said, that more than half of the public doesn’t believe the country is out of recession yet. He doesn’t see it as quite that dour. Gross domestic product, wages and consumer spending have all crept up, he said.

“It is a difficult time,” he said. “As we do make forward progress, there’s a lot of sputtering and thick clouds of black smoke that’s coming from the engine of the economy.”

There is “not a strong outlook for a double-dip recession,” McCain said. “It is clear the economy is still growing.”

Businesses, however, have struggled as they’ve lost pricing power and had to take on higher medical and energy costs.

After his speech, he said growth next year would begin to slow, compared to 2010.

“I think that one of the benefits for Maine, as I understand it, is there has been more of a transition away from some of the heaviest industries that have suffered the most,” McCain said.

“You look around at the vitality of this group, it certainly suggests that there’s a lot of energy and entrepreneurialism, we just need some time to capitalize on the things that are really growing well and develop them,” he said.

kskelton@sunjournal.com

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