Daily News

View All News

Economists’ GDP estimates little changed, job forecast updated

November 17, 2014

The outlook for US gross domestic product over the next four years is little changed from three months ago, according to the new fourth-quarter Survey of Professional Forecasters released today by the Federal Reserve Bank of Philadelphia. Forecasters lowered their estimate of monthly payroll growth for 2015 overall, although they did raise it for the fourth quarter of this year and the first and third quarters of 2015.

The forecasters predict the unemployment rate will fall to 5.6 percent in 2015, 5.4 percent in 2016, and 5.2 percent in 2017. These projections are below those of the last survey.

Estimated monthly jobs gains in 2014 were raised to 206,400, but they were cut to 212,300 in 2015.

Click on chart to enlarge.