The big O releases his forecasts for FY 2017

GDP Assumptions

  • 2016 2.6% vs 3.0% prior
  • 2017 2.6% vs 2.8% prior
  • Long run GDP unchanged at 2.3%

CPI

  • 2016 1.5% vs 1.9% prior
  • 2017 2.1%
  • 2018 2.1%

Deficit

  • 2016 3.3% of GDP vs 2.3% prior
  • 2017 2.6% vs 2.2% prior

Unemployment

  • 2016 4.7%
  • 2017 4.5%
  • 2018 4.6%

The latest forecasts are updated from the prior mid-season numbers