Economic forecasters predict stronger GDP growth in the coming years than prior estimates suggested.
The Federal Reserve Bank of Philadelphia surveyed 36 economic forecasters who predict real GDP will grow at an annual rate of 3.0 percent this quarter and 2.9 percent next quarter.
Looking further ahead, the panel of forecasters predict GDP growth of 2.8 percent in 2018, 2.5 percent in 2019, and 2.0 percent in 2020. Those estimates exceed estimates from three months ago.
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They predict the unemployment rate will average 4.0 percent in 2018, 3.8 percent in 2019, 3.9 percent in 2020, and 4.0 percent in 2021.
