Job growth and inflation will remain muted as the U.S. economy grows the fastest in two decades, a Federal Reserve survey of private economists showed.
Gross domestic product will expand 4.6 percent this year,
the most since 7.2 percent in 1984, according to the median
forecast of 32 economists surveyed between Jan. 20 and Feb. 13 by
the Federal Reserve Bank of Philadelphia. In the bank’s fourth-
quarter survey published Nov. 24, the forecast for 2004 growth
was 4.3 percent.
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Non-farm payrolls will rise by an average of 91,000 jobs a
month this year, down from 104,000 in the bank’s previous survey,
before accelerating next year to 188,000 a month, the survey
found. The predictions were smaller than those in President
George W. Bush’s annual economic report this month, which
forecast creation of 2.6 million new positions this year, or
217,000 a month.
Bloomberg News
