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The outlook for U.S. gross domestic product over the next three years appears stronger now than three months ago, according to the first-quarter Survey of Professional Forecasters released today by the Federal Reserve Bank of Philadelphia. Economists surveyed expect the U.S. jobless rate to fall, but the forecast predicts little change in the number of jobs to be added.
An estimated 187,700 jobs will be added on average each month in 2014 and 206,900 each month in 2015, according to the forecast. For the first quarter, an estimated 177,400 jobs will be added on average each month, according to the first-quarter forecast. That’s down from an estimate of 187,000 made in the forecasters’ previous report.
The unemployment rate is expected to be an average of 6.7 percent per month in the first quarter, according to the new report. That’s down from 7.1 percent in the last report.