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Many economists raised their growth forecasts after the report was released. Some are predicting growth could increase to around 3 percent in the January-March quarter, up from 0.4 percent in the previous three months. Other data show that some companies may start to pull back because of the government spending cuts. The Institute for Supply Management reported Monday that U.S. manufacturing activity expanded more slowly in March than February, held back by weaker growth in production and new orders. But factories did hire at the fastest pace in nine months, which was seen as an encouraging sing ahead of Friday's report on employment in March. The economy has added an average of 200,000 jobs a month from November through February, which helped lower the unemployment rate in February to a four-year low of 7.7 percent. Economists predict a similar level of hiring in March.
[Associated
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