Economists raised their forecasts for U.S. economic growth in the third quarter but trimmed their estimates for the balance of 2014, though the outlook for both job growth and lower unemployment was strengthened.
Analysts see the economy growing at an annual rate of 3.0 percent in the current quarter, up from a previous estimate of 2.9 percent, according to the Philadelphia Federal Reserve's quarterly survey of 43 forecasters, released on Friday.
Fourth-quarter growth was forecast at 3.1 percent, down from a previous estimate of 3.2 percent, and first-quarter 2015 growth was estimated at 3.1 percent, unchanged from an earlier estimate of 3.1 percent. Meanwhile, they see the economy growing at a rate of 2.1 percent for all of 2014, down from the previous estimate of 2.4 percent in the previous survey in May.
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