WASHINGTON, Sept 9 (AFP) - US economists have trimmed their forecasts for hiring and economic growth in view of steep energy prices and other factors, a Wall Street Journal survey showed Thursday.
The Journal`s periodic survey of 55 economists showed that on average, they expect the economy to expand at a 3.6 percent rate in the third quarter and 4.0 percent in the fourth quarter.
As recently as June, the panel had forecast growth at an average rate of 4.3 percent over the balance of the year.
The survey also showed that the economists expect 182,000 new jobs a month for the next 12 months, down from an average forecast of 194,000 jobs a month in the August survey and from 207,000 in May.
The daily said the economists pointed to crude oil prices, which approached 50 a barrel in New York last month, as a factor in the lower forecasts, along with sagging business confidence.
They noted that although the economy has been expanding for more than two years, executives remain hesitant to take new employees because of a cautious outlook.
"Businesses have been through a lot over the last few years, and many of them don`t have a great deal of tolerance for uncertainty," Stephen Gallagher of Societe Generale in New York was quoted as saying.
"They reacted to their worry that consumers may be cutting back."
In a separate report showing a similar outlook, CIBC World Markets said its analysis suggests a 3.5 percent growth rate in the United States for the rest of the year, somewhat better than the 2.8 percent pace in the second quarter.
The CIBC survey "signals that overall economic activity in the third and fourth quarters will be higher than the pace of growth seen in the second quarter," the financial group said, while projecting an average monthly job gain of around 150,000-200,000 in the coming few months.