Economists are paring back their expectations for growth, a Philadelphia Fed survey shows.
Economists have curbed their expectations for third-quarter economic growth to 1.4%, according to the Philadelphia Fed's Survey of Professional Forecasters, down from 2.5% in the last survey conducted in May.
"Over the next three quarters, the panelists also see slower output growth than they predicted previously," the report said. Forecasters now expect real GDP to grow at an annual rate of 1.6% in 2022 and 1.3% in 2023, lower than what they saw three months ago. The projections for the annual-average level of monthly payroll job growth were 487,500 for 2022 and 167,600 for 2023.
St. Louis Fed President James Bullard told MNI's FedSpeak podcast this week he does not see a U.S. recession on the horizon despite an inverted yield curve, which in the past has signaled contractions.