The near-term economic outlook for the US looks better now than it did three months ago, according to a survey of 34 economists taking part in the Federal Reserve Bank of Philadelphia’s First Quarter 2024 Survey of Professional Forecasters.

US real gross domestic product is now estimated to grow at 2.1% in the first quarter, up from 0.8% in their previous estimation.

They also raised the number of new jobs the US is expected to create each month in the first quarter to 235,800, up from their previous forecast of 65,700.

Forecasters also lowered their estimate of the unemployment rate through the fourth quarter of this year.

In addition, forecasters reduced their estimate of a downturn in the economy this year to 17.3% from 40.9% in a previous estimate.

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