Economic growth will slow this year before picking up next year, while inflation will increase this year before hitting the Fed's 2% target next year, according to predictions by participants in the Federal Reserve Bank of Chicago's annual Automotive Outlook Symposium, released Monday.
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After 0.4% inflation, as measures by the consumer price index, the symposium sees the number rising to 1.2% in 2016 and 2.1% in 2017. Meanwhile, growth, as measure by gross domestic product, will drop to 1.8% from 2.0% last year, before increasing to 2.2% in 2017, the participants believe.
The unemployment rate will tick down each year from 5.0% in 2015 to 4.9% this year and 4.8% next year, according to the consensus outlook.
