Forecasters revised down their estimate for growth in US gross domestic product in the second-quarter survey of professional forecasters released today by the Federal Reserve Bank of Philadelphia. However, the forecast for employment growth improved.

GDP is now expected to grow 1.7% in 2016, down from a projection made by forecasters in the first quarter report that called for growth of 2.1%.

However, the forecasters raised their estimate of job growth in 2016. They now estimate the US will add 212,400 jobs a month in 2016, up from the previous forecast of 204,300 jobs per month.

Looking at just the second quarter of 2016, forecasters now project GDP growth at 2.1%, down from the previous forecast of 2.5%. New projections call for the US to add 189,800 jobs a month in the second quarter, up from the previous forecast of 183,200 jobs per month.

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