Upward revisions to the rate of growth in real gross domestic product characterize the current outlook for the U.S. economy over the next four years, according to 34 forecasters surveyed by the Federal Reserve Bank of Philadelphia.
The forecasters project growth at an annual rate of 2.4% this quarter, up from their previous estimate of 0.4% in the last survey. The forecasters expect steady growth to follow over each of the following four quarters. They have also raised their estimates for growth roughly 0.2 percentage point over each of the next four years. Annual-average over annual-average growth is now seen rising from negative 2.6% this year, negative 2.8% previously, to 3.2% in 2012, 3.0% previously.