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U.S. GDP forecast lifted without good news on jobs
Date: 2011/3/2 Click: 1382
Even as the projected growth of U.S. Gross domestic product (GDP) for 2011 has been lifted to 3.3 percent from previous estimate of 2.6 percent, the job situation is not expected to improve much, according to new projections by the National Association for Business Economists (NABE).

The jobless rate will remain high, although it will slide somewhat as the economy recovers from the worst recession in eight decades, the NABE said in a report released on Monday.

The February 2011 NABE Outlook presents the consensus of macroeconomic forecasts from a panel of 47 professional forecasters.

The panel expects growth in 2012 to inch up to 3.4 percent, slightly higher than most estimates of the economy's long-run growth potential.

The extension of the Bush tax cuts in December is expected to contribute 0.5 percentage points to growth in 2011 and 0.1 percentage points in 2012, the report said.
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