IMF Cuts U.S. Growth Forecast on Oil, ‘Lackluster’ Jobs Pace

The International Monetary Fund lowered its forecast for U.S. growth this year, predicting higher oil prices and the pace of job gains will restrain the recovery.

The world’s largest economy will expand 2.8 percent this year, down from the 3 percent projected in January, the IMF said today, citing the need to reduce deficits and boost exports. Global gross domestic product will grow 4.4 percent in 2011, matching the previous estimate, according to the Washington- based lender’s World Economic Outlook report.

Consumer spending, the biggest part of the U.S. economy, faces headwinds from the rising cost of food and gasoline. Federal Reserve officials last month said the expansion is on “firmer footing,” lessening the need to extend a bond purchase program beyond June.

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