The Philadelphia Fed 3rd Quarter 2016 Survey of Professional Forecasters was released on August 12, 2016. 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 median expectations:
Real GDP: (annual average level)
full-year 2016: 1.5%
full-year 2017: 2.3%
full-year 2018: 2.2%
full-year 2019: 2.2%
Unemployment Rate: (annual average level)
for 2016: 4.8%
for 2017: 4.6%
for 2018: 4.6%
for 2019: 4.7%
Regarding the risk of a negative quarter in real GDP in any of the next few quarters, mean estimates are 10.6%, 15.6%, 18.5%, 19.0% and 21.0% for each of the quarters from Q3 2016 through Q3 2017, respectively.
As well, there are also a variety of time frames shown (present quarter through the year 2025) with the median expected inflation (annualized) 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 1.4% to 2.3% 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 2180.40 as this post is written