WASHINGTON (AP) — The Federal Reserve has boosted its outlook for U.S. economic growth this year and is slightly more optimistic about the unemployment rate, reflecting improvements in recent months.
In an updated forecast Wednesday, the Fed predicted that the economy will grow between 2.4 percent and 2.9 percent in 2012. That compares with its forecast in January, when it estimated growth this year between 2.2 percent and 2.7 percent.
The Fed is estimating that unemployment, now at a three-year low of 8.2 percent, will be between 7.8 percent and 8 percent at year's end. That compares with its forecast in January, when it estimated an unemployment rate as high as 8.5 percent at the end of 2012.
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