Philadelphia Fed study: outlook brighter.

PHILADELPHIA - According to 34 forecasters surveyed by the Federal Reserve Bank of Philadelphia, the short-term outlook for economic growth has improved since last quarter's survey.

The forecasters now see real gross domestic product growing at 2.8% in 1993, up four-tenths of a percentage point from the last survey. Average growth over 1994 is also expected to be 2.8%, unchanged from the previous survey. Stronger fourth-quarter growth will not affect the unemployment rate, according to the forecasters. They see unemployment continuing to average 6.9% in 1993 and dropping to 6.6% in 1994.

The consumer price index inflation outlook through 1994 has improved from three months ago as well. Over the next five quarters, inflation is seen holding steady at 3.0%, down from 3.3% in the last survey. Inflation is expected to average 2.9% in 1993 and 3.0% in 1994, both estimates down two-tenths of a point from the last survey.

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