ECONOMY

Purchasing Managers Are Bullish: The U.S. economy in 1994 can be expected to expand at a moderate pace that will keep inflation low but could lead to further unemployment in manufacturing, according to a survey of wholesale buyers. The National Assn. of Purchasing Management was upbeat in its semiannual economic forecast, predicting that 1994 economic growth will be 4.7% before adjustment for a n inflation rate of 2.1%. That compares to 1993 growth and inflation estimates of about 3%. The trade group also said that Christmas retail sales this year will be the strongest in 10 years. Medical insurance reform legislation replaced the recession as the main worry, the association said.