Philly Fed: Real GDP to grow 2.8 percent in 2018 and 2019, 1.8 percent in 2020

Below are some key takeaways from the "Third Quarter 2018 Survey of Professional Forecasters," published by the Federal Reserve Bank of Philadelphia.

• The panel predicts real GDP will grow at an annual rate of 3.0 percent this quarter and 2.8 percent next quarter, unchanged from the estimates of three months ago.
• On an annual-average over annual-average basis, the forecasters expect real GDP to grow 2.8 percent in 2018 and 2019, 1.8 percent in 2020, and 1.5 percent in 2021.
• The forecasters predict the unemployment rate will average 3.9 percent in 2018, 3.6 percent in 2019, 3.7 percent in 2020, and 4.0 percent in 2021. 
• The projections for the annual-average level of nonfarm payroll employment suggest job gains at a monthly rate of 194,800 in 2018, up from the previous estimate of 185,900, and 167,800 in 2019, up from 160,800 estimated three months ago. 
• The forecasters expect current-year headline CPI inflation to average 2.4 percent, down slightly from 2.5 percent in the last survey. 
• The forecasters have marginally revised downward the chance of a contraction in real GDP in any of the next three quarters.