The GDP growth forecast for this quarter was revised downward. Released today, the Philadelphia Federal Reserve’s Survey of Professional Forecasters projects real GDP to grow 1.8% in this quarter, down from the survey’s previous projection of 3.9%.
GDP growth is expected to pick up to 4.2% in the second quarter — an increase from the previous forecast of 4.0%. Still, forecasters slightly lowered their forecasts for the third and fourth quarters.
Turning to employment, today’s report revised down projected unemployment rates for this year compared to the previous survey.
Today’s report also called for more job growth in the first and second quarters than projected in the previous report. On the other hand, it lowered job growth projections for the third and fourth quarters.
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