Philly Fed survey: US Q3 unemployment rate seen at 10.0% vs. previous forecast of 12.9%

The US economy is expected to expand by 19.1% in the third quarter, the Federal Reserve Bank of Philadelphia's latest survey showed on Friday. This figure followed a 10.6% growth forecast announced in the previous survey.

Additional takeaways

"Us Q4 GDP growth seen at +5.8% vs previous forecast of +6.5%."

"Payrolls seen growing average 2,068,600/month in Q3 vs previous forecast of 2,328,900/month."

"Payrolls seen growing average 398,500/month in Q3 vs previous forecast of 900,900/month."

"Q3 unemployment rate seen at 10.0% vs previous forecast of 12.9%."

"Q4 unemployment rate seen at 9.5% vs previous forecast of 11.0%."

Market reaction

The US Dollar Index edged slightly higher in the last minutes and was last seen losing 0.09% on the day at 93.17.