Forecasters lowered their estimate for US economic growth in the new third-quarter survey of professional forecasters released today by the Federal Reserve Bank of Philadelphia. The forecast for employment growth also receded.

US gross domestic product is now expected to grow 1.5% in 2016, down from a projection made by forecasters in the second-quarter report that called for growth of 1.7%.

The forecasters also lowered their estimate of job growth in 2016. They now estimate the US will add 204,600 jobs a month in 2016, down from the previous forecast of 212,400 jobs per month.

Looking at just the third quarter of 2016 only, forecasters project GDP growth at 2.6%, up from the previous forecast of 2.4%. However, new projections call for the US to add 183,700 jobs a month in the third quarter, down from the previous forecast of 191,800 jobs per month.

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