The US economy is indeed in a ’soft patch’, the survey of economists polled by Wall Street Journal showed. The poll of 56 private economists resulted in a drop of the expected GDP annual growth expectations by one-half percentage point, down to 3.2% annual rate.

The drop in estimations was caused by a report that indicated a slowdown in first-quarter growth that was at 3.1% as compared to 4.4% in the same period in the previous year. However, the economists expect growth to rise in the third and fourth quarters and amount to 3.5% on average.

Despite high oil prices, the economic performance was strong, and in the previous month the economy saw the addition of 760,000 jobs, which suggests that job creation is on the rise and Americans are able to earn more. The strength of the economy was confirmed by the rising sales of retailers and auto makers.

The greatest worry for the economists is a possible combination of slowdown in growth and rise in inflation. The recent statement from Fed policy-makers suggests that they are keeping an eye on inflation pressures: "Pressures on inflation have picked up in recent months and pricing power is more evident. Longer-term inflation expectations remain well contained."