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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

Philadelphia Federal Reserve

U.S. economic growth outlook declines for 2012

Posted by RJ and Makay on Nov 15, 2011

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Economy The Philadelphia Federal Reserve’s fourth-quarter survey of 45 economists indicates that gross domestic product (GDP) is expected to grow at an average annual rate of 2.4% in 2012, down from an estimate of 2.6% in its third-quarter survey. Also, 2013 growth estimates were ratcheted down to 2.7% from 2.9%. Economic growth predictions for the current quarter held steady at 2.6%, while the estimate for 2011 rose slightly to 1.8% from 1.7%.