Philadelphia Fed Says This Crappy Economy is Going to Stay Crappy

President Obama is probably breathing a sigh of relief that this news didn’t filter out a week ago, but here goes: A new quarterly survey released by the Federal Reserve Bank of Philadelphia suggests that the slightly-better-than-stagnant economy is going to stay, well, slightly better than stagnant. The survey of 39 economists suggests that the economy will grow just 2 percent in 2013, down from their previous prediction of 2.1 percent. After that, though, things might start to improve a little bit: Those economists expect 2.7 percent growth in 2014 and 2.9 percent growth in 2015. And even after that, the unemployment rate will still be stuck around 6.9 percent. Who would’ve thought that 6.9 percent unemployment would sound like good news? Actually, it still doesn’t. [Nasdaq]

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