The Survey of Professional Forecasters is the oldest quarterly survey of macroeconomic forecasts in the United States. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. The Federal Reserve Bank of Philadelphia took over the survey in 1990. For more information

Dernière publication : February 10, 2023
Prochaine publication : May 2023

Commentary

FORECASTERS SEE HIGHER GROWTH AND STRONGER LABOR MARKET IN 2023

The outlook for the U.S. economy in 2023 looks somewhat better now than it did three months ago, according to 37 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will expand at an annual rate of 0.6 percent this quarter and 1.0 percent in the second quarter of 2023, up from the previous predictions of 0.2 percent in each quarter. On an annual-average over annual-average basis, the forecasters expect real GDP to increase 1.3 percent in 2023, up from the projection of 0.7 percent in the survey of three months ago.

A downward revision to the path for the unemployment rate accompanies the outlook for growth. The forecasters predict the unemployment rate will increase from 3.5 percent this quarter to 4.1 percent in the fourth quarter of 2023. In the previous survey, the unemployment rate was forecast to rise from 3.8 percent to 4.4 percent over the same period. On an annual-average basis, the forecasters expect the unemployment rate to average 3.8 percent this year, marking a downward revision from the previous estimate of 4.2 percent.

On the employment front, the panelists have revised upward their estimates for job gains in 2023. The projections for the annual-average level of nonfarm payroll employment suggest job gains at a monthly rate of 217,800 in 2023, up from 143,600 projected three months ago.
Source: Fed Philadelphia, Feb. 10, 2023

Indicateurs clefs

Real GDP


Unemployment Rate


Payrolls


Headline CPI


Core CPI


Headline PCE


Core PCE


Méthodologie

Nec piget dicere avide magis hanc insulam populum Romanum invasisse quam iuste. Ptolomaeo enim rege foederato nobis et socio ob aerarii nostri angustias iusso sine ulla culpa proscribi ideoque hausto veneno voluntaria morte deleto et tributaria facta est et velut hostiles eius exuviae classi inpositae in urbem advectae sunt per Catonem, nunc repetetur ordo gestorum.

Nec piget dicere avide magis hanc insulam populum Romanum invasisse quam iuste. Ptolomaeo enim rege foederato nobis et socio ob aerarii nostri angustias iusso sine ulla culpa proscribi ideoque hausto veneno voluntaria morte deleto et tributaria facta est et velut hostiles eius exuviae classi inpositae in urbem advectae sunt per Catonem, nunc repetetur ordo gestorum. :

  1. expansion – l’indicateur composite avancé augmente et est au-dessus de 100 ;
  2. infléchissement – l’indicateur composite avancé diminue et est au-dessus de 100 ;
  3. ralentissement – l’indicateur composite avancé décroît et est en dessous de 100 ;
  4. reprise – l’indicateur composite avancé augmente et est en dessous de 100.

Les phases et les mouvements de l’indicateur composite avancé seront vraisemblablement suivis par ceux du cycle économique.


Plus +

Nec piget dicere avide magis hanc insulam populum Romanum invasisse quam iuste. Ptolomaeo enim rege foederato nobis et socio ob aerarii nostri angustias iusso sine ulla culpa proscribi ideoque hausto veneno voluntaria morte deleto et tributaria facta est et velut hostiles eius exuviae classi inpositae in urbem advectae sunt per Catonem, nunc repetetur ordo gestorum.:

Inflation: here.



Indicateurs d’activités

NGDP


PGDP


CPROF


UNEMP


EMP


INDPROD


HOUSING


TBILL


TBOND


Méthodologie

Nec piget dicere avide magis hanc insulam populum Romanum invasisse quam iuste. Ptolomaeo enim rege foederato nobis et socio ob aerarii nostri angustias iusso sine ulla culpa proscribi ideoque hausto veneno voluntaria morte deleto et tributaria facta est et velut hostiles eius exuviae classi inpositae in urbem advectae sunt per Catonem, nunc repetetur ordo gestorum.

  1. NGDP: Nominal Gross National Product
  2. PGDP: Price Index for Gross National Product
  3. CPROF: Corporate Profits After Tax
  4. UNEMP: Civilian Unemployment Rate
  5. EMP: Nonfarm Payroll Employment
  6. INDPROD: Industrial Production Index
  7. HOUSING: Housing Starts
  8. TBILL: 3-Month Treasury Bill Rate
  9. BOND: Moody’s Aaa Corporate Bond Yield
  10. BAABOND: Moody’s Baa Corporate Bond Yield
  11. TBOND: 10-Year Treasury Bond Rate


PIB réel et ses composants

RGDP


RCONSUM


RRESINV


RFEDGOV


RSLGOV


RCBI


REXPORT


Méthodologie

Nec piget dicere avide magis hanc insulam populum Romanum invasisse quam iuste. Ptolomaeo enim rege foederato nobis et socio ob aerarii nostri angustias iusso sine ulla culpa proscribi ideoque hausto veneno voluntaria morte deleto et tributaria facta est et velut hostiles eius exuviae classi inpositae in urbem advectae sunt per Catonem, nunc repetetur ordo gestorum.

  1. RGDP: Real Gross National Product
  2. RCONSUM: Real Personal Consumption Expenditures
  3. RNRESIN: Real Nonresidential Fixed Investment
  4. RRESINV: Real Fixed Investment
  5. RFEDGOV: Real Federal Government Consumption Expenditures & Gross Investment
  6. RSLGOV: Real State and Local Government Consumption Expenditures & Gross Investment
  7. RCBI: Real Change in Private Inventories
  8. REXPORT: Real Net Exports of Goods and Services