The U.S. economy, buoyed by low unemployment rates along with robust consumer spending, marked its longest expansion in history this summer yet the pace of growth has cooled.
Get ready for a continued slowdown ahead, as growth slides from 2.9% a year ago to 2.3% this year, and to 1.7% in 2020-21, according to University of Michigan economists. The Fed’s recent “midcycle adjustment” have insulated the economy from a potentially sharper slowdown.
The forecast, produced four times per year by the Research Seminar in Quantitative Economics in the U-M Department of Economics since 1952, was prepared by U-M economists Daniil
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