Economists upgrade U.S. outlook
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NEW YORK (Reuters) -- Forecasters have once again upgraded their forecasts for U.S. economic growth, according to a survey by the Philadelphia Federal Reserve Bank.
The quarterly survey of 32 forecasts found analysts now expect the economy to grow by 4.6 percent, up from the previous estimate of 4.3 percent.
At the same time, expectations for both unemployment and inflation have been revised down.
The survey's forecast compares with the Federal Reserve's own estimate that the economy will grow between 4.5 and 5 percent in 2004, according to semiannual forecasts released earlier this month.
The Philadelphia Fed survey also found forecasters have lowered their expectations for job gains, to about 91,000 jobs per month this year from 104,000 per month in the last survey.
The survey covers such diverse forecasters as Wall Street economists at JP Morgan Chase and Lehman Brothers; Verizon Communications; Fannie Mae; academic economists and private forecasting firms such as Economy.com.
Copyright 2004
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
