For release: 10 a.m.,
Contact: Marilyn Wimp, manager of media relations, (215) 574-4119
Growth in the U.S. economy looks a little slower now than it did three months ago, according to 44 forecasters surveyed by the Federal Reserve Bank of Philadelphia in the Second Quarter Survey of Professional Forecasters.
Assistant Director and Manager, Real-Time Data Research Center, Tom Stark:
"The forecasters see somewhat slower real GDP growth over the next four years than they predicted three months ago. At the same time, the forecasters see improvement on the unemployment front. On the inflation front, the projections are higher at all horizons. Most importantly, our closely watched indicators of long-run inflation have moved higher."
The Survey of Professional Forecasters is a quarterly survey of economic forecasters from across the country. Participants are asked to provide their projections for a broad range of macroeconomic variables including real GDP, nonfarm payroll employment, and inflation indicators such as CPI and PCE. It is the oldest survey of macroeconomic forecasts in the United States. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. The Federal Reserve Bank of Philadelphia took over the survey in 1990. The third quarter 2011 Survey of Professional Forecasters will be released at 10 a.m., Friday, August 12. See the schedule of releases.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.