This Chicago Fed Letter summarizes the consensus outlook from the symposium, as well as the presentations from vehicle producers, dealers, and vehicle research organizations.

The forecasters expect more moderate economic growth during 2005, with some reduction in activity in the housing sector and a slower pace of consumer spending growth than in the past several years.

According to participants in the Chicago Fed's annual Economic Outlook Symposium, the nation's economic growth in 2008 is forecasted to be roughly in line with the pace recorded over the past two years, with inflation moving lower and the unemployment rate edging higher.