MOUNTAIN VIEW, Calif. (Nov. 16, 2010) — A group of 43 economists surveyed by the Federal Reserve Bank of Philadelphia lowered their estimate of growth in U.S. gross domestic product for the fourth quarter as well as for 2011 and 2012.
The forecasters expect GDP to grow by only 2.2 percent in the fourth quarter, a downward revision from their earlier forecast of 2.8 percent. They also lowered their forecasts for full years 2011 and 2012.
Estimates of jobs to be added per month also fell to 86,600 in the fourth quarter from the last estimate of 114,100 in the third quarter. The surveyed economists also lowered the estimated number of jobs to be added for full year 2011 to 105,500 from 143,800 in the third-quarter estimate.
Economists raised their estimates for the U.S. unemployment rate through 2013.
This report appeared in Staffing Industry Analysts magazine, a Mountain View-based sister publication of Tire Business.