The Philadelphia Fed Fourth Quarter 2012 Survey of Professional Forecasters was released on November 9. This survey is somewhat unique in various regards, such as it incorporates a longer time frame for various measures.
The survey shows, among many measures, the following expectations:
Real GDP: (annual average level)
full-year 2012 : 2.2%
full-year 2013 : 2.0%
full-year 2014 : 2.7%
full-year 2015: 2.9%
Unemployment Rate: (annual average level)
for 2012: 8.1%
for 2013: 7.8%
for 2014: 7.4%
for 2015: 6.9%
As for “the chance of a contraction in real GDP” in any of the next few quarters, estimates are 13.5%, 23.0%, 21.7%, 17.9%, and 16.4% for each of the quarters from Q4 2012 through Q4 2013, respectively.
As well, there are also a variety of time frames shown (present through the year 2021) with the expected inflation of each. Inflation is measured in Headline and Core CPI and Headline and Core PCE. Over all time frames expectations are shown to be in the 1.6%-2.35% range.
I post various economic forecasts because I believe they should be carefully monitored. However, as those familiar with this blog are aware, I do not agree with many of the consensus estimates and much of the commentary in these forecast surveys.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1379.85 as this post is written