US economic growth strengthens, Philadelphia Fed forecast gets upward revisions

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The US economy’s growth outlook is stronger now than three months ago, according to the first-quarter edition of the Survey of Professional Forecasters released by the Federal Reserve Bank of Philadelphia.

The forecasters now predict real GDP will grow at an annual rate of 3.0% this quarter, up from the previous estimate of 2.4%. The predictions for quarterly growth over the following three quarters also improved.

For the full year 2018, forecasters now expect GDP to increase by 2.8%, up from an earlier forecast of 2.5%.

An improved outlook for the labor market accompanies the outlook for stronger output growth. The forecasters predict

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