The quarterly survey of NABE members released today found that only 20% expect U.S. real gross domestic product to expand by more than 3% in 2010 compared with 24% in the last quarterly survey. However, 67% still say real GDP will expand by more than 2.0% this year.

"NABE's July 2010 industry survey confirms that the U.S. recovery continued through the second quarter, although at a slower pace than earlier in the year," said William Strauss, senior economist and economic adviser at the Federal Reserve Bank of Chicago and NABE board member. "Industry demand increased for a fourth consecutive quarter, although at a slower pace … The labor market continued to improve, with increases in current hiring and a rise in the percentage of firms planning to add workers over the next six months."

Thirty-one percent of firms surveyed were increasing payrolls in July compared to only 6% a year ago.

The survey took place between June 11 and June 29.