The outlook for US economic growth in 2020 looks stronger now than it did three months ago, according to the Survey of Professional Forecasters released by the Federal Reserve Bank of Philadelphia.
Forecasters now predict real GDP will grow at an annual rate of 1.7% this quarter, down from the previous forecast of 1.9%; however, for each of the next three quarters, the panel sees higher output growth than they predicted previously.
Real GDP growth for the full-year 2020 is now projected to be 2.0%, up from the prior forecast of 1.8%.
In terms of jobs added, the forecasters also revised upward their estimates for job gains in 2020 — projections now suggest job gains at a monthly rate of 168,500 in 2020, up from 143,800 projected three months ago.
The forecasters did not change unemployment rate estimates for this quarter, but lowered projections for the rest of the year; projections for full-years 2020 to 2023 are also slightly below those of the last survey.
The report surveyed 37 economists.
Source: Staffing Industry Analysts