NABE Sees Higher GDP Than Initially Expected

Washington, DC, May 24, 2010--The U.S. economy is forecast to grow at a higher rate than initially projected in both 2010 and 2011, according to the latest forecast compiled by the National Assocation for Business Economics.

Growth in gross domestic product, adjusted for inflation, should be 3.2% this year and again in 2011, the consensus of 46 economists surveyed by NABE shows.

The group's February forecast had pegged 2010 growth at 3.1%.

Another highlight of NABE's May update: "Job growth is on a steady footing," with the U.S. unemployment rate forecast to drop to 8.5% by the end of 2011, down from a projected 9.4% at the end of this year.