Bloomberg picks Philadelphia's Joel Naroff as top economic forecaster

Bloomberg News has picked Philadelphia-area economist Joel Naroff as the top forecaster of the U.S. economy.

The financial news service rated 126 economists on their predictions for gross domestic product, unemployment, the consumer price index and the Federal Reserve's benchmark interest rate. The survey covered 10 quarters between January 2006 to June 2008.

You can read Bloomberg's story about how it picked Naroff here.

Naroff, 59, is a self-employed economist who works out of his home in Holland, Pa. He also serves as Commerce Bank's chief economist.

His forecasts on CPI, the fed funds rates and unemployment helped him top Bloomberg's list of forecasters, most of whom work for large financial institutions.

Bloomberg reported that a September 2005 trip to Arizona convinced Naroff that housing prices were out of control when he heard real estate agents expecting home prices to surge 40 percent for the second straight year.