Industry News

Government upbeat on economic growth

Forecast shows strong labor market; real GDP at 3.6%

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The latest economic forecast from three federal agencies shows continued robust economic growth and a strong labor market, reflecting faster-than-expected development at the beginning of this year. "The forecast is a conservative analysis by three federal agencies, and it shows the economy is strong," said Edward P. Lazear, chairman of the Council of Economic Advisers, which released the forecast Thursday with the Department of Treasury and the Office of Management and Budget. The administration releases an economic forecast twice a year. This update – which will be used for the preparation of the Mid-Session Review of the Budget – forecasts similar economic numbers as the consensus of professional economic forecasters and the administration's previous forecast in December of 2005. The updated forecast reflects faster-than-expected economic growth in the beginning of 2006, with growth projected to moderate somewhat in the future and then remain at a robust pace. Specifical...