Outlook on economic growth and job creation improves

The National Association of Business Economists anticipate the U.S. economy will grow in the second quarter, but growth for the full year will likely be less than originally estimated, according to the group's Outlook June 2014 survey. The NABE surveyed its 2,500 members and analyzed the responses of the 47 economists that participated in the survey conducted from May 8 to May 21.

The NABE predict the annualized rate of real GDP growth will rise to 3.5 percent by the end of the second quarter. It believes 1.2 percentage points of the increase will be due to a "rebound effect" following a severe winter in the first quarter.

The original yearly increase for median real GDP growth was 2.8 percent, and the NABE believes the current forecast is a 2.5 percent increase. While it's a lowered estimate, it percentage will still represent an economic growth of 1.9 percent since 2013.

The median GDP forecast for 2015 remains the same at 3.1 percent.

The survey participants also remain optimistic about the labor market. Average monthly payroll is expected to gain 209,000 jobs in 2014. This is an increase from the March survey, which predicted only 188,000 new positions.

The unemployment rate is expected to fall to an average 6.2 percent in 2014 and to 5.9 percent in 2015.

Optimistic businesses in Illinois that are hiring new employees should work with Chicago recruiters to find the most qualified candidates for their open positions. 

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