US GDP estimates lowered for 2022 and 2023 by JP Morgan
JPMorgan's economic and policy research department cut its second half view to 2.4% from 3% and cut its first half 2023 target to 1.5% from 2.1%
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JPMorgan on Wednesday cut its expectation for U.S. real gross domestic product for the second half of 2022 and for 2023.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 219.79 | -3.14 | -1.41% |
The firm's economic and policy research department cut its second half view to 2.4% from 3% and cut its first half 2023 target to 1.5% from 2.1% and for the second half of 2023 it cut its view to 1% from 1.4%.
The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York. JPMorgan Chase & Co. is an American multinational banking and financial services holding company. ( Tim Clayton/Corbis via Getty Images / Getty Images)
It said there may be enough of a growth slowdown to lead to a gradual increase in the unemployment rate later next year, helping to relieve some wage pressures that have been building.
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"In short, we forecast a soft landing, but are well aware that this outcome has rarely (if ever) occurred," according to the research led by economist Michael Feroli.