Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Economists boosted their forecasts for third quarter GDP to an annual rate of 1.9%, up from 0.6% in a previous survey, and they are projected 2.1% growth for the whole of 2023 and 1.3% in 2024, according to a Federal Reserve Bank of Philadelphia survey released Friday.
The U.S. labor market is seen stronger than three months ago with downward revisions to the projections for the unemployment rate, although the 37 forecasters predict the unemployment rate will increase to 4.0% in the second quarter of 2024.
Source: Philly Fed's Survey of Professional Forecasters
The Philly Fed’s quarterly Survey of Professional Forecasters also showed forecasters cut their estimates for headline CPI and PCE inflation in 2023. The forecasters expect headline CPI inflation in 2023 will average 3.1%, down from the prediction of 3.4% in the previous survey. Headline PCE inflation in 2023 will average 3.0%, also down from the previous estimate of 3.4%.
The forecasters are leaving their estimates unchanged for the core measures of inflation in 2023.
Source: Philly Fed's Survey of Professional Forecasters
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.