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US - Forecasters lower outlook for US economy

August 16 2013

The economic outlook for the U.S. over the next four years is weaker than projected three months ago, according to the new third-quarter Survey of Professional Forecasters by the Philadelphia Federal Reserve.

Forecasters lowered their estimate of growth in real gross domestic product for 2013 to 1.5 percent in 2013 from the second-quarter estimate of 2.0 percent.

Estimated annual GDP growth for 2014 was lowered to 2.6 percent from the second-quarter estimate of 2.8 percent.

The forecasters’ estimate of U.S. unemployment remains nearly unchanged with an estimated unemployment rate of 7.5 percent in 2013, down slightly from the second-quarter estimate of 7.6 percent.

Forecasters did increase estimated monthly jobs gain to 183,800 in 2013 from the second-quarter estimate of 169,800.

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