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Philadelphia forecasters lower growth outlook; Reuters poll sees growth for at least two more years

August 11, 2017

The US economy’s growth outlook for the next three years looks slightly weaker, according to the Philadelphia Federal Reserves’ Survey of Professional Forecasters, released today. However, a separate economic survey by media company Reuters found economists believe the current expansion should last another two years.

In the Philadelphia Federal Reserve forecast, forecasters expect real GDP to grow 2.6% in this quarter, up from an earlier forecast of 2.5%. However, they lowered their forecasts of GDP growth for the next three quarters. And while annual average GDP growth from this year was forecast at 2.1%, unchanged from an earlier forecast, the survey lowered projected GDP growth in 2018.

The Reuters poll suggests 2.1% to 2.5% GDP growth through the end of next year, CNBC reports.

In terms of job gains, forecasters in the Philadelphia Federal Reserve’s report revised downward their estimates for job gains in 2017 but increased their estimates for job gains in 2018.

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