The September 2020 forecast for unemployment, inflation and GDP from the Federal Reserve.
The Federal Reserve has updated their forecasts for unemployment, inflation and GDP. Below are the surveyed results from the members of the Fed.
Below are the same projections from the June 2020 meeting. NOTE the comparison in June was to pre-pandemic levels from December 2019.
For GDP:
- See a smaller decline in 2020
- See lower growth in 2021 and 2022.
For Unemployment:
- See Unemployment rate lower in 2020
- See lower unemployment in 2021 and 2022
For PCE inflation:
- Sees higher PCE in 2020, 2021, and 2022 but inflation to not reach 2% target until 2023.
- For Core PCE, sees higher inflation in 2020, 2021 and 2022 but does not see core inflation rising to 2% until 2023
Longer run see GDP at 1.9%, unemployment at 4.1% and inflation at 2% (the Fed target).
