Mary: I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at improved forecasts. Mike, the economic forecasts of the Federal Reserve are among the most respected and followed. The Fed just came out with new forecasts for the next several years. Are they upbeat?
Mike: Summary Answer
- Yes, more upbeat than their last forecasts
- Now expect total economic production to come back to pre-pandemic levels at end of 2021 – previously, a year later
- Also look for continued growth in 2022 and 2023, but at slower rates
- Job market will take longer – pre-pandemic jobless rate won’t be hit until late 2023
- Also sees uptick in inflation, but still staying no higher than 2%
- I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.