Economic
Projections for 2003 -- Updated 7/15/03**
|
| |
Governors and Bank
Presidents |
| Indicator |
Memo 2002 Actual |
Range |
Central
Tendency |
| (Change, 4th quarter to 4th
quarter) |
| Nominal GDP |
4.3% |
3.50 - 4.75% |
3.75 - 4.50% |
| Real GDP |
2.9% |
2.25 - 3.00% |
2.50 - 2.75% |
| PCE
chain-type price index |
1.9% |
1.00 - 1.75% |
1.25 - 1.50% |
| (Average Level, 4th quarter) |
| Civilian unemployment rate |
5.9% |
6.00 - 6.25% |
6.00 - 6.25% |
Economic
Projections for 2004 -- Updated 7/15/03 **
|
| |
Governors and Bank
Presidents |
| Indicator |
Memo 2002
Actual |
Range |
Central
Tendency |
| (Change, 4th quarter to 4th
quarter) |
| Nominal GDP |
4.3% |
4.75 - 6.5 % |
5.25 - 6.25% |
| Real GDP |
2.9% |
3.5 - 5.25% |
3.75 - 4.75% |
| PCE
chain-type price index |
1.9% |
0.75 - 2.00% |
1.00 - 1.50% |
| (Average Level, 4th quarter) |
| Civilian unemployment rate |
5.9% |
5.50 - 6.25% |
5.50 - 6.00% |
| **The Federal Reserve updates its Monetary Policy Report to the Congress in February and July each year. The February report covers forecasts for the current year while the July report covers the Fed's preliminary forecasts for the upcoming year as well. |
|
