Projecting how quickly Arizona's economy would recover from the deep national recession seemed to be an exercise in optimism. The state had always been one of the best at bouncing back rapidly and confidently, but job growth is still well behind the national average — even as housing is strengthening.

It's against that backdrop that the 50th Annual Economic Forecast Luncheon — hosted by ASU's W.P. Carey School of Business and JPMorgan Chase — is being held Wednesday in Phoenix.

We spoke with W.P. Carey School Professor Lee McPhethers about the Arizona outlook.

And for a look ahead at the 2014 national economy, we hear from James Glassman, Managing Director and Senior Economist for JPMorgan Chase.