Economists Lift US Growth Forecasts, See Fed Higher for Longer
- Forecasters surveyed see stronger economy through end of 2024
- That strength is seen delaying when the Fed will cut rates
Shoppers in the Magnificent Mile shopping district in Chicago, Illinois, US.
Photographer: Jamie Kelter Davis/BloombergThis article is for subscribers only.
Economists see a stronger US economy into the next year and a smaller rise in unemployment, supporting expectations that the Federal Reserve will keep interest rates higher for longer.
Gross domestic product is expected to advance an annualized 1.8% in the third quarter, nearly quadruple the 0.5% pace projected in July, according to the latest Bloomberg monthly survey of economists. They also see the economy expanding somewhat in the last three months of the year, rather than contracting.