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Fed Survey Points to Weaker Growth

November 14 2011

The Philadelphia Federal Reserve’s Survey of Professional Forecasters released today points to a weaker picture of economic growth now than it did in the previous quarter. The forecasters predict lower growth in real domestic product and higher unemployment rates in 2012 and 2013 than they did in their last survey released in August. 

Forecasters predict growth in real GDP of 2.4 percent in 2012 compared to their last survey, which forecast growth of 2.6 percent.

Forecasters also predict the U.S. will add an average of 123,200 jobs per month in 2012, down from their previous forecast of 150,100.

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