Forecasters see stronger U.S. growth – Philly Fed

NEW YORK, Feb 11 (Reuters) – The U.S. economy and jobs
market are expected to grow more strongly in the first quarter
than previously expected, according to a survey of forecasters
released on Friday.

The Federal Reserve Bank of Philadelphia’s survey of 43
professional forecasters sees the economy growing at an annual
rate of 3.6 percent in the current quarter, up from the
estimate of 2.4 percent three months ago.

They see the economy growing at an annual rate of 3.5
percent in the second quarter, up from 2.7 percent previously.

The unemployment rate was forecast to be 9.3 percent in the
fourth quarter, below the previous estimate of 9.5 percent.

Also, forecasters revised upward jobs growth expected the
next four quarters.

Forecasters see nonfarm payroll employment growing at a
rate of 129,100 jobs per month this quarter and 188,300 per
month next quarter, up from previous expectations of 104,200
and 144,300, respectively.

Forecasters expect core consumer price inflation to be 1.0
percent in the first quarter, down slightly from the 1.1
percent expected in the last survey.
(Reporting by Caroline Valetkevitch; Editing by James