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Forecasters see only moderate US growth in 2012-13

By AP

LANSING, MI –

University of Michigan economists expect the U.S. economy to grow only moderately the next two years, generating just enough jobs to slowly reduce unemployment.

They said Thursday they expect economic output growth to be about 2.5 percent in both 2012 and 2013, up from this year's projected rate of 1.8 percent.

They also expect the national jobless rate to drop from 9 percent now to 8.8 percent in late 2012 and to 8.5 percent in late 2013.

Economist Joan Crary says the national economic recovery will continue to be a "marathon, not a sprint."

The economists expect 12.7 million light vehicles to be sold this year, compared to 11.6 million units last year. They expect sales to pick up to 13.5 million units in 2012 and 14.3 million in 2013.

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