Forecasters adjusted their estimates of economic growth down for this quarter but up for the following two quarters, according to the Federal Reserve Bank of Philadelphia's survey of Professional Forecasters, released Friday.
"The outlook for growth in the U.S. economy over the next three years looks stronger than that of three months ago," the Bank said in the survey.
The forecasters increased estimates for real GDP growth to 2.8% in 2014, up from 2.6% in the last survey; 3.1% in 2015, up from 2.8%; and 3.1% in 2016, up from 2.7%.
The labor situation also seems brighter, with the unemployment rate expected to average 6.5% 2014, 6.1% in 2015, 5.7% in 2016, and 5.5% in 2017. The projections for 2014, 2015, and 2016 are below those of the last survey.
"On the jobs front, the forecasters see little change in job growth in 2014," the survey said. Annual-average of nonfarm payroll employment gains are expected at a monthly rate of 187,700 in 2014 and 206,900 in 2015.
