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Fed Survey Reveals Economists are Raising Growth Estimates

“Forecasters boosted expectations for U.S. economic growth in the first and second quarters of the year, with an improving labor market and a stable outlook for real output, a survey released on Friday showed.

Economists expect the economy to grow at an annual rate of 2.1 percent in the current quarter, up from the previous estimate of 1.7 percent growth, according to the Philadelphia Federal Reserve’s quarterly survey of 46 forecasters.

The economists pegged second quarter gross domestic product at 2.3 percent, up from the previous estimate of 2 percent.

However, GDP for all of 2013 was estimated at 1.9 percent, down slightly from a previous estimate of 2 percent. U.S. growth for 2014 was estimated at 2.8 percent, up marginally from the previous forecast of 2.7 percent.

The unemployment rate was forecast to average 7.8 percent in the first quarter compared with the previous estimate of 7.9 percent, while unemployment in the second quarter was forecast at 7.7 percent, down from 7.8 percent in the previous estimate. The third quarter jobless rate was estimated at 7.6 percent, down from the previous forecast of 7.8 percent….”

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