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Economic Outlook and Forecast: Jobs, Inventory, Mortgage Rates and Inflation

By Lawrence Yun, Chief Economist, NATIONAL ASSOCIATION OF REALTORS®

Economic growth mildly contracted in the first quarter of 2015, but will pick up in the second quarter and second half of the year. For the year as a whole, GDP will expand at 2.1 percent: not a bad number, but not great. The growth rate would also mark the tenth consecutive year of subpar performance in terms of growing at less than 3 percent a year, the historical average growth rate. Despite the sluggishness, the job market is strengthening.

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