Philly Fed's Livingston Survey noted a slightly slower pace of growth
Philly Fed's Livingston Survey noted a slightly slower pace of growth is projected for the U.S. economy over the next three years than it did three months ago, according to the Q3 2017 Survey of Professional Forecasters. Growth of 2.6% if projected for this quarter (up from 2.5% previously), with a 2.3% pace for the next (down from 2.4% previously). For the annual average, growth is seen unchanged at a 2.1% y/y clip, but it's expected to accelerate to 2.4% y/y in 2018 (revised from 2.5%) and slip back to 2.2% y/y in 2019 (revised from 2.1%). The unemployment rate is projected to dip to 4.2% in Q4, from $.3% this quarter. Meanwhile, headline CPI is seen steady at a 2.3% y/y pace in Q4, and slowing to 2.2% in Q1 versus the prior 2.4% estimate, while the Q4 core rate is expected to slow to 2.2% versus the prior 2.3% pace, and dip to 2.1% in Q1 from the prior 2.2% estimate.