May 13, 2024
Projected growth in US gross domestic product received an upgrade for this quarter and the third quarter, according to data from the Survey of Professional Forecast. The report was released May 10 by the Federal Reserve Bank of Philadelphia.
The data now projects GDP will grow 2.1% this quarter, up from the previous projection of 1.5%.
Overall, GDP would rise by a projected 2.5% for full-year 2024, up from 2.4% in the previous survey.
Forecasters also upgraded the 2025 GDP growth estimate to 1.9% from 1.8% in the previous survey. The forecast dips for 2026, but this quarter’s survey estimates 2.1% growth for 2027.Projections for the US unemployment rate remained unchanged in this survey from the first-quarter survey. However, forecasters now predict the US will add an average of 212,600 new jobs this year, up from their last estimate of 190,000.
In 2025, forecasters estimate the US will add an average of 140,600 jobs per month, up from the previous forecast of 111,700.
Click to enlarge.