November 25, 2003 1:56 PM

Hanging in for the long haul
Posted by at 1:56 PM

The latest economic forecast predicts strong growth but a slow job recovery.

The survey of 34 forecasters by the Philadelphia Fed was almost as upbeat, predicting GDP growth of 2.9 percent this year and 4.3 percent in 2004.

However, forecasters cautioned that the nation's unemployment rate, currently at 6 percent, will not come down quickly because strong productivity growth, the ability to produce more with fewer workers, would delay the need for employers to hire back laid-off workers.

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