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MNI BRIEF: GDP Growth Seen At 1.4% In Q3 - Philly Fed Survey

(MNI) Washington

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.

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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.

Keep reading...Show less