According to a survey released by the Federal Reserve of Philadelphia on Friday, the U.S. economy will grow much faster than previously expected in the third quarter, but the increase in the fourth quarter and beyond
the quarterly survey of Philadelphia Federal Reserve predicts that the annual growth rate of US GDP in the third quarter will reach 19.1%, almost double the previous forecast of 10.6%. The US economy, which has been in recession since February, contracted at a record rate of 32.9% in the second quarter.
according to the survey, economic growth will slow down sharply after the third quarter. It is expected that the economic growth rate in the fourth quarter will be 5.8%, lower than the 6.5% forecast in the regional survey of the Federal Reserve three months ago.
the unemployment rate in the third quarter is expected to be 10%, lower than the 12.9% previously expected. The unemployment rate is expected to drop to 9.5% in the fourth quarter from the previous 11%. The unemployment rate is expected to be 10.2% in July.
the average monthly employment growth in the third quarter is expected to be 2.07 million, which is lower than the forecast of 2.33 million in May, and it will rapidly drop to less than 400000 per month in the fourth quarter.