The expectations for U.S. economic growth over the next four years weakened in the past three months, according to the Federal Reserve Bank of Philadelphia's survey of professional forecasters.
The forecasters see real GDP growing at an annual rate of 2.2% this quarter and 2.3% next quarter, rising to 2.9% in the second quarter of 2014. They see 1.5% growth this year, 2.6% next year, 2.9% in 2015 and 2.5% in 2016. The annual predictions are down from 2.0%, 2.8%, 3.0% and 2.9% for those years in the prior survey.
Projections for unemployment were little changed, with a 7.5% jobless rate forecast for this year, 7.1% for next year, 6.6% in 2015 and 6.1% in 2016.
The projections for the average nonfarm payroll employment suggest job gains at a monthly rate of 183,800 in 2013 and 180,100 in 2014.