NEW YORK -- Robert Parry, president of the Federal Reserve Bank of San Francisco, said that the U.S. economy will post moderate economic growth along with some reduction in the rate of inflation during 1994.
Mr. Parry, in remarks prepared for delivery in Los Angeles Thursday, said it was likely that the gross domestic product will grow by 2.5% to 3% through the end of next year. That will be accompanied by "small reductions in the unemployment rate," he said.
Overall, "prospects for the U.S. economy over the next year or so are for moderate economic growth and some downward adjustment of inflation," Mr. Parry said. "This isn't the boom some people might like to see, but it is respectable growth," he added.