US economy could be weaker in Q1 than previously thought, forecasters say
The US economy could grow more slowly in the first quarter than was expected last fall, but the unemployment rate may come down faster, according to a survey of forecasters released Friday by the Philadelphia Federal Reserve.
The forecasters now predict that the US economy could grow by 1.8% in the first quarter of this year, down from the 3.9% growth expected last November. But growth for the year is only expected to be modestly lower, with forecasters projecting a 3.7% increase in real gross domestic product for 2022, down from the 3.9% projected in November.
Forecasters also expect inflation to stay steady over the longer term, estimating that the personal consumption expenditures price index will average 2.2% a year over the next decade.
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