By Lisa Lambert
WASHINGTON (Reuters) - The U.S. economy will grow slowly during the first half of the year, but pick up strength as the months pass, a survey of top forecasters showed on Saturday.
Panelists surveyed in the Blue C"" >
By Lisa Lambert
WASHINGTON (Reuters) - The U.S. economy will grow slowly during the first half of the year, but pick up strength as the months pass, a survey of top forecasters showed on Saturday.
Panelists surveyed in the Blue Chip Economic Indicators newsletter said real gross domestic product, the government's broadest measure of economic output, would likely increase by 2.7 percent this year from last year.
This was somewhat stronger than the forecast of 2.3 percent last month, with more than half of those surveyed increasing their predictions.
In the first quarter, they expected real GDP to grow at a 2.5 percent annual rate and then pick up until it reached a stronger 3 percent rate in the fourth quarter.
Inflation, as measured by the government's Consumer Price Index excluding food and energy prices, is expected to remain around the Fed's perceived comfort range of 1 to 2 percent for all of this year and next, the survey forecast.
Core CPI is expected to advance by 2.3 percent in 2007 and by 2.2 percent in 2008.
Even though the forecasters worried about a slowdown in home building and weakness in business inventories, they said consumer spending would cover any shortfalls. Almost all, or 93.3 percent, said residential investment would contract this year and most thought it would shrink 11.6 percent. Continued...
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