The Philly Fed’s quarterly survey of economists shows some bright spots but also foresees a faster rise in unemployment.
- GDP will contract 1.5% in Q2 versus a previous forecast for a 1.8% drop
- The unemployment rate will rise to 9.1% in Q2 versus the prior 8.3% estimate
- Growth will return in Q3 but at a lower than previously forecast rate of 0.4%. Last time around, the forecasters foresaw 1.0% growth.