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Forecast: Fewer Jobs, Weaker Economy

August 10 2012

Economists lowered estimates of U.S. job growth for the remainder of this year and next year, according to the third-quarter Survey of Professional Forecasters released today by the Philadelphia Federal Reserve. Economists also slashed their forecasted of project growth in gross domestic product.

The U.S. is now expected to add an average 154,600 new jobs a month in 2012, according to the third-quarter survey. That’s down from an estimated 171,900 in the second-quarter survey.

Forecast average monthly job growth for 2012 was also cut to 143,200 in the third-quarter forecast from 175,700 in the second-quarter forecast.

The economists also cut projected growth in real GDP through the second quarter of 2013.

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