Forecasters lowered their estimate slightly for US economic growth in the new fourth-quarter survey of professional forecasters released today by the Federal Reserve Bank of Philadelphia. However, on the employment front, estimates for job gains in 2016 and 2017 were revised upward.

US gross domestic product is still expected to grow 1.5% in 2016. However, the forecasters now expect GDP to grow 2.2% in 2017, down from a projection made in the third-quarter report that called for growth of 2.3%; for 2018, forecasters predict GDP to grow 2.1%, down from 2.3% in the prior report.

The forecasters raised their estimate of job growth in 2016. They now estimate the US will add 206,000 jobs a month in 2016, up from the previous forecast of 204,600 jobs per month.

The survey of 42 forecasters was conducted before the election on Nov. 8.

Looking at just the fourth quarter of 2016 only, forecasters project GDP growth at 2.2%, down from the previous forecast of 2.3%.

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