Increases in gross domestic product will be lower than those projected six months ago, as the estimated GDP for the last half of 2015 was lowered to 2.1% from 3.1%, according to the Federal Reserve Bank of Philadelphia's Livingston survey, released Thursday.
The GDP estimate for the first half of 2016 was cut to 2.5% from the 2.9% projection in the last survey. The forecasters see 2.6% growth in the last half of 2016.
Unemployment projections were also lowered to 4.9% for December 2015 (from 5.1%) and to 4.8% in June 2016 (from 5.0%). The forecasters see 4.6% unemployment next December.
Inflation for 2014 to 2015, as measured by the consumer price index, remains 0.1%, with 2015 to 2016 cut to 1.8% from 2.1%, and the projection for 2016 to 2017 is 2.2%. When measured by the producer price index, the 2014-2015 remained negative 3.2% and 2015-2016 was cut to 0.7% from 1.9%, and the projection for 2016 to 2017 is 2.4%.
