Projections for US gross domestic product were revised upward sharply while projections for the US unemployment rate were lowered, according to the Livingston Survey of economists released on June 18 by the Federal Reserve Bank of Philadelphia.

They expect real GDP to grow 6.7% in the second half of this year. The previous survey forecast growth of just 3.7%.

In addition, the US unemployment rate is forecast to fall to 4.7% in December 2021, down from the previous prediction of 5.5%. The rate will continue to fall to 4.4% by June 2022.

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