The Federal Reserve Bank of Philadelphia has posted the new results of its periodic survey of economists. The conclusion of the new poll is that the current quarter will be much worse than expected as will results for 2011 and 2012.
The pace of recovery in output and employment in the U.S. economy looks a little slower now than it did three months ago, according to 43 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The panel expects real GDP to grow at an annual rate of 2.2 percent this quarter, down from the previous estimate of 2.8 percent. On an annual-average over annual-average basis, the forecasters predict slower real GDP growth in 2010, 2011, and 2012. However, some of that downward revision will be compensated with a stronger real GDP growth in 2013.
For all of the Americans out of work, it may be hard to wait until 2013.
Douglas A. McIntyre