Growth projections were lowered slightly by those responding to the Federal Reserve Bank of Philadelphia's quarterly Survey of Professional Forecasters, and unemployment rate projections for the next three quarters were also revised down in the report released Monday.
Projections for gross domestic product in the fourth quarter were cut to 2.7% from 3.1% in the prior survey, projections for next quarter were lowered to 2.8% from 3.1%, projections for the second quarter of 2015 were flat at 3.1%, and the projection for Q3 2015 was trimmed to 2.8% from 3.0%. The forecasters see 3.0% in the last quarter of 2015.
Forecasts for the unemployment rate this quarter dipped to 5.9% from 6.0% in the prior survey, next quarter is seen at 5.8%, unchanged from the prior survey, the rate is seen dipping 0.1-point each quarter after that.
