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U.S. Economy Expected to Grow 2.5-3 Percent in 2002: Federal Reserve
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THU, FEB 28, 2002
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The U.S. Federal Reserve projected on Wednesday that the U.S. economy will increase 2.5-3 percent in 2002, compared with the 1.1 percent growth last year.
The U.S. economy entered a recession in March and contracted 1.3 percent in the third quarter of last year. But the economy managed to post a 0.2 percent growth in the fourth quarter.
"The pace of expansion is likely to increase only gradually over the course of the year, and the unemployment rate is expected to move higher for a time," the central bank said in its semi-annual economic report to Congress.
The unemployment rate is expected to creep higher to 6-6.25 percent, up from the January level of 5.6 percent, the report said.
Inflation, as measured by personal consumption expenditures, is expected to rise 1-1.5 percent in 2002, compared to 1.25 percent last year.
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Editor:Zhong Source:Xinhua
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