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First Quarter 2013 Survey of Professional Forecasters

Federal Reserve Bank of Philadelphia (02/15/13)

The 46 forecasters surveyed by the Federal Reserve Bank of Philadelphia expect the unemployment rate to average 7.7% this year, then decline to 7.2% in 2014, 6.7% in 2015, and 6.3% in 2016. They made upward revisions to their job growth estimates over the next four quarters, anticipating growth of 165,300 nonfarm jobs per month in the first quarter and 154,200 per month in the second quarter. For 2013, they anticipate an average monthly rate of 164,100 nonfarm jobs, rising to an average monthly rate of 176,800 next year.