The U.S. labor market is set to strengthen this year, a survey published by the National Association for Business Economics said Monday.
The survey of 54 economists said non-farm payroll increases will average 188,000 per month this year, up from the prior projection of 170,000. The jobless rate is expected to fall to 8 percent by the fourth quarter of 2012.
By the fourth quarter of next year, the unemployment rate is seen at 7.5 percent.
The survey was conducted between April 19 and May 2. Economists forecast interest rates to remain at the current near zero rate through 2013 and expect inflation not to increase.
Further, the NABE maintained modest expectations for real gross domestic product growth through 2013. The economy is projected to expand 2.4 percent this year and 2.8 percent in 2013.
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