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.
Analysts expect a stronger U.S. labor market amid less inflation than they did three months ago and see little slowing in the economy, a Federal Reserve Bank of Philadelphia survey released Friday showed.
The quarterly Survey of Professional Forecasters predicts the economy expanding at an annual rate of 2.1% this quarter, up from the prediction of 0.8% in the last survey. The 34 forecasters expect real GDP to increase 2.4% in 2024, up 0.7ppt from the estimate in the previous survey.
The forecasters see job gains in the current quarter at a rate of 235,800 per month. Employment projections for the current quarter and the following three quarters show upward revisions, with the unemployment rate only rising to 4.0% by the third quarter. Projections for both headline and core PCE inflation in 2024 will be lower at an annual rate of 2.1%, down from the previous predictions of 2.4%. (See: MNI INTERVIEW: Hot US Economy Complicates Fed Cut Calculus)
Source: Philly Fed
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.