24 December 2001, 11:14  Philly Fed Survey Sees Recovery in Mid Year

The 31 economists polled in the Livingston survey completed in December by the Philadelphia Federal Reserve Bank see the U.S. economy recovering from recession by mid-2002 and then surging in 2003. Forecasters in the survey say the economy declined 1.3% in 2H:2001 but will rebound next year, to a +1.5% real growth rate in the first half and to a +3.5% rate in the second half of 2002. Previous estimates for growth, made in June when optimism still reigned, were significantly higher. For 2003, no point estimate was given.

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