PHILADELPHIA - Nearterm economic growth prospects have weakened over the past three months, according to 35 forecasters surveyed by the Federal Reserve Bank of Philadelphia.
The forecasters lowered their projections for 1993 real GDP growth to 2.4%, after seeing the lower-than-expected gross domestic product growth in the second quarter. In a survey three months earlier, they had expected 3% growth.
For 1994, the expected expansion rate is 2.8%, also down from 3% in the earlier survey.
Despite the weaker GDP outlook, the forecasters continue to see the civilian unemployment rate decreasing gradually, averaging 6.9% in 1993 and 6.6% in 1994. Those figures are virtually unchanged from three months ago.
Inflation, as measured by the consumer price index, is expected to average 3.1% in 1993 and 3.2% in 1994, both lower than the 3.4% forecasts in the previous survey.