Higher Growth, Lower Unemployment Predicted For Second Half Of 2014
The 28 participants in the June Livingston Survey have raised their estimates of output growth for the second half of 2014. The forecasters, who are surveyed by the Federal Reserve Bank of Philadelphia twice a year, project that the economy’s output (real GDP) will rise at an annual rate of 1.5 percent during the first half of 2014 and 3.0 percent during the second half of 2014, followed by growth of 2.9 percent (annual rate) in the first half of 2015. A downward revision for real GDP growth in the first half of 2014, which is 1.0 percentage point lower than the projection in the survey of six months ago, is accompanied by an upward revision to growth in the second half of 2014.
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