State and local governments will continue to face trying fiscal conditions next year, characterized by stubbornly high unemployment and slower economic growth, according to the Securities Industry and Financial Markets Association’s semiannual economic outlook.
The SIFMA survey said real gross domestic product will slow to a 3.1% annual growth rate in 2011 from 3.3% this year, according to the median estimate of 18 economists. That pace of U.S. economic expansion is not strong enough to significantly lower the unemployment rate, which economists predict will moderate to 8.9% in 2011 from 9.4% at the end of this year. The survey was conducted from May 26 to June 11.
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