Economists surveyed by the National Association for Business Economics lowered their growth projections for the US economy in 2016 and 2017, the association announced today.

The forecaster’s median forecast in the new survey is for inflation-adjusted US real gross domestic product to grow at an annualized rate of 1.8% in 2016, down from 2.2% forecasted in a March survey. The median forecast for 2017 edged down to 2.3% real GDP growth from 2.4% in the March survey.

Real GDP grew 2.4% in 2015.

The June NABE Outlook Survey marks the third consecutive markdown of 2016 real GDP growth by respondents, according to NABE President Lisa Emsbo-Mattingly, director of research, Global Asset Allocation at Fidelity Investments. “Nearly 60% of the panel views uncertainty surrounding the upcoming election as damaging to GDP growth in 2016,” she said.

“More broadly, nearly four out of 10 survey participants view the rise of nationalist views around the world as the most important factor likely to constrain economic growth over the next two years,” said Gregory Daco, head of US macroeconomics, Oxford Economics USA. “NABE panelists expect the Federal Reserve to raise its federal funds target rate two more times this year but no longer expect one of those rate hikes to occur in June,” added John Silvia, chief economist at Wells Fargo. “The end-of-year Fed funds targets for both 2016 and 2017 have been lowered slightly.”

Panelists forecast nonfarm payroll growth to average 201,000 jobs per month in 2016 — up from 195,000 forecast in the March survey — and then slow modestly to 192,000 per month in 2017 as the labor market approaches full employment. The projected job creation figure for 2017 reflects an increase from the 179,000 jobs per month anticipated in the March survey.

The unemployment rate is now expected to average 4.8% in 2016, up from 4.7% projected in the March survey, and then decline to 4.6% by the fourth quarter of 2017.

NABE is a professional association for business economists and others who use economics in the workplace. The survey included 48 forecasters and was conducted from May 2 to May 17, 2016.