Philly Fed survey shows economists giving up on inflation

Philly Fed survey of economists

• Q3 core PCE inflation seen at 1.8% versus 2.2% in prior survey
• Q4 core PCE inflation seen at 1.8% versus 1.9% in prior survey
• Q3 unemployment rate seen at 4.3% versus 4.4% in prior survey
• Q4 unemployment rate seen at 4.2% versus 4.4% in prior survey
• Q3 GDP seen at 2.6% versus 2.5% in prior survey
• Q4 GDP seen at 2.3% versus 2.4% in prior survey

There isn't much to be excited about in those numbers. There was so much optimism at the start of the year but economists are increasingly resigned to a 2% economy with muddling inflation.