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Experts: Economy beating forecasts
by Mackenzie Weinger
Posted: 03.06.2012 at 7:39 AM
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Most economists say the United States' economy is getting better -- but President Barack Obama doesn't get much of the credit for the decline in the unemployment rate, according to a survey out Tuesday.

The economy is improving faster than previously forecasted, a group of economists told The Associated Press in a survey conducted late February. The group predicted the unemployment rate will fall from 8.3 percent to 8 percent by Election Day, and to 7.4 percent by 2013 -- a step up from their December estimates of 8.4 percent by November and 7.8 percent next year.

But Obama shouldn't expect much of the credit for the boost, according to the survey. Only one of the 19 economist surveyed said Obama should receive "a lot" of the thanks for declining unemployment. Most of the others told the AP that U.S. consumers and businesses deserve the credit for the brighter forecast.

But the declining unemployment rate appears to be raising the public's view of Obama's economic stewardship, the AP said, noting an Associated Press-GfK poll last month in which 48 percent said they approved of how Obama was handling the economy, up 9 points from December.

The economists predicted that employers will add about 1.9 million jobs by the November election. They also forecasted that job growth will spur more spending and thus lead to additional hiring, the economy will grow 2.5 percent in 2012 and that European leaders will prevent a global recession but the continent's economy will shrink this year.




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