The U.S. economy is poised to accelerate after a dismal start to the year even though the job market won’t return to full employment until 2017, the International Monetary Fund forecast in a report Monday.
The IMF noted that steady job gains and other recent data suggest the economy is rebounding. Employers have added 200,000-plus jobs for four straight months, and the unemployment rate has fallen to 6.3 percent. Auto sales and factory activity are increasing.
Yet growth this year isn’t likely to top last year’s lackluster performance, the IMF said. The Washington-based organization foresees the U.S. economy growing a modest 2 percent this year, below its previous estimate of 2.7 percent. That would be nearly identical to the 1.9 percent growth last year.