NEW YORK – The economy will grow in each of the next five quarters, according to the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters, which was released today.
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The survey participants were a little more optimistic than in the prior survey and now expect real GDP to grow at a 2.7% annual rate this quarter, 2.4% next year, 3.1% in 2011 and 3.3% in 2012. Real GDP in 2009, they say, will show 2.5% contraction.
Labor, the forecasters say, seems weaker. Unemployment is expected to average 9.3% this year, 10% next year, 9.2% in 2011 and 8.3% in 2012. The forecasters see jobs beginning to grow in the second quarter of 2010.
