Upgraded GDP Growth Projections and Job Addition Estimates

Staffing Industry Analysts (05/13/24)

The Federal Reserve Bank of Philadelphia’s latest Survey of Professional Forecast, released on May 10, upgraded the projected US GDP growth for this quarter to 2.1%, up from the previous estimate of 1.5%. The full-year 2024 GDP growth projection also increased to 2.5% from 2.4%, with the 2025 estimate rising to 1.9% from 1.8%. Although the 2026 forecast dipped, 2027 is expected to see 2.1% growth. Projections for the US unemployment rate remained steady, but the forecast for new job additions in 2024 increased to an average of 212,600 per month, up from 190,000, and for 2025 to 140,600 per month, up from 111,700.

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