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Philadelphia Fed Sees Little Chance of Double Dip, Predicts Job Growth

Today, the Federal Reserve Bank of Philadelphia released a survey of 44 economic forecasters. The forecasters -- all economists in the private sector -- see a

Paolo Reyna
News
Last updated: Jul 31, 2020 | May 14, 2010

Today, the Federal Reserve Bank of Philadelphia released a survey of 44 economic forecasters. The forecasters — all economists in the private sector — see a smaller chance of a double-dip recession and expect stronger economic growth in the next 18 months. The economists said there is a 7.4 percent risk of a negative quarter, down from an 11.6 percent risk at their last estimate. Compared with previous forecasts, the economists also forecast stronger GDP growth:

Additionally, they improved their employment outlook:

The economists did not move up their inflation expectations, and predict that the economy will start adding jobs next year. The combination of moderate growth and low inflation suggest there is little pressure on the Fed to raise interest rates in the near term.

Paolo Reyna | Paolo is a senior at the University of Illinois at Urbana-Champaign, majoring in International Studies with a Latin American emphasis. During the fall semester of 2012, he had the opportunity to study abroad in Peru, which piqued his interest in international growth. He learned about the disparities that impact indigenous peoples, got a taste of Peruvian culture, and improved his Spanish skills. Mitchel interned with the Chicago Council on Global Affairs, conducting research on food security in Latin America, after being inspired by his foreign experience. He wants to work in international development and for a government department, writing legislation. He loves playing intramural basketball and practicing for the Chicago marathon when he is not thinking about current events in Latin America.

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