Wednesday, June 22, 2011

Federal Reserve Lowers USA GDP Projection for 2011 (Charts) *Unemployment rate estimate raised*

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Federal Reserve Building 1937


Federal Reserve Summary of Economic Projections
"The economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than expected."
(FOMC Statement June 22, 2011)

FOMC Statement The related Federal Open Market Committee (FOMC) Statement was released June 22, 2011 and reviewed in a previous post, Federal Reserve: USA Economic Recovery Continuing at Moderate Pace, Though Somewhat More Slowly (GDP Chart) *Labor market weaker*. This post reviews the Summary of Economic Projections, which is an addendum to the minutes, and were also released on June 22, 2011.

Summary of Economic Projections
● GDP projection lowered for 2011 to 2.7% - 2.9% range from 3.1% - 3.3% range
● Unemployment Rate projection raised for 2011 to 8.6% - 8.9% from 8.4% - 8.7% range
● PCE Inflation projection lowered for 2011 to 2.3% - 2.5% from 2.1% - 2.8% range

GDP Projection (Summary of Economic Projections)
Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents
The central tendency excludes the three highest and three lowest projections for each variable in each year.


Unemployment Rate Projection (Summary of Economic Projections)
Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents
The central tendency excludes the three highest and three lowest projections for each variable in each year.


Inflation Rate Projection (Summary of Economic Projections)
Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents
The central tendency excludes the three highest and three lowest projections for each variable in each year.



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