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After slowing in the middle of the year, U.S. economic growth will strengthen as 2013 comes to a close and throughout 2014, according to the Bloomberg BNA midyear economic outlook.
Monthly job growth gains in the U.S. will improve from 167,000 on average in the second half of this year to 190,000 per month in the first half of 2014, according to the outlook. Unemployment is expected to fall to an average of 7 percent next year from an average of 7.5 percent this year.
“Our analysis indicated that the U.S. economic recovery is expected to accelerate next year, helped by the housing market, a brighter consumer outlook, and moderately stronger job growth,” said Diana Gregg, Bloomberg BNA Daily Report for Executives reporter. “The consensus is that the nation's real gross domestic product will grow 3.1 percent in 2014 after increasing by a modest 2.3 percent this year, reflecting fiscal belt-tightening by the federal government.”
The outlook report is a consensus forecast of economists at 19 financial, consulting and academic organizations across the United States surveyed from June 5 to June 17.