The US economy looks weaker than it did in February, according to the Philadelphia Federal Reserve’s Survey of Professional Forecasters.
US GDP growth is expected to grow at 2.3% in this quarter, down from 4.2% in the previous forecast.
Forecasters expect GDP growth of 2.5% for full-year 2022, 2.3% in 2023 and 2.0% in 2024. However, these annual estimates are lower than the previous estimates.
Today’s report revised downward estimated unemployment rates. The forecasters project the quarter’s rate to be 3.6%, down from 3.7% estimated in the previous quarter.
In addition, forecasters raised their estimates for job gains for the current quarter and full-year 2022. This quarter, jobs are expected to see a monthly rise of 381,300, up from the previous projection of 357,000. Projections for the annual-average level of nonfarm payroll employment suggest job gains at a monthly rate of 479,700 in 2022.
Click on chart to enlarge.
