Philadelphia Fed – 2nd Quarter 2011 Survey Of Professional Forecasters

The Philadelphia Fed Second Quarter 2011 Survey of Professional Forecasters was released on May 13.  This survey is somewhat unique in various regards, such as it incorporates a longer time frame for various measures.

The survey shows, among many measures, the following expectations:

GDP:
full-year 2011 : 2.7%
full-year 2012 : 3.0%
full-year 2013 : 2.8%
full-year 2014 : 3.3%

Unemployment Rate: (annual average level)
for 2011: 8.7%
for 2012: 8.1%
for 2013: 7.5%
for 2014: 7.0%

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As for “the chance of a contraction in real GDP in any of the next four quarters,” estimates range from 7-12.2% for each of the quarters through Q2 2012.

As well, there are also a variety of time frames shown (present through the year 2020) with the expected inflation of each.  Inflation is measured in Headline and Core CPI and Headline and Core PCE.  Over all time frames expectations are shown to be in the 1.4-3.5% range.
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I post various economic forecasts because I believe they should be carefully monitored.  However, as those familiar with this blog are aware, I do not agree with many of the consensus estimates and much of the commentary in these forecast surveys.
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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1328.98 as this post is written