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Forecasters revised up their estimated job growth to average 144,100 per month in 2012, according to the Federal Reserve Bank of Philadelphia’s first-quarter Survey of Professional Forecasters released today. The previous forecast had estimated an average of 123,200 new jobs a month in 2012 in the previous report.
Estimated growth in U.S. real gross domestic product for full-year 2012 was lowered to 2.3 percent from a previous estimate of 2.4 percent. Growth is projected to pick up through 2015 when forecasters estimate 3.1 percent growth. Forecasters also estimated the U.S. unemployment rate for 2012 will average 8.3 percent, down from the previous estimate of 8.8 percent.
The Survey of Professional Forecasters includes estimates made by 45 economists.
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