The Philadelphia Federal Reserve's third-quarter survey of 48 forecasters showed economists expect gross domestic product to grow at an annual rate of 1.6 percent this quarter, down from May's estimate of 2.5 percent.
Expectations for the year were also trimmed, with the economy seen growing at a ۲.۲ percent pace in ۲۰۱۲, down from the previous ۲.۳ percent.
Analysts also raised the odds that the economy could contract in any of the next four quarters. For the third - quarter, the odds were lifted to ۱۳.۸ percent from May ' s ۱۲.۲ percent.
The labor market was seen faring worse. The jobless rate is expected to average ۸.۲ percent this year, before dropping to ۷.۹ percent in ۲۰۱۳.
Nonfarm payrolls were seen growing at a rate of ۱۲۵,۰۰۰ jobs a month in the third quarter, down from the ۱۷۰,۰۰۰ economists predicted in the previous survey.
Inflation expectations also cooled. Consumer prices in the third quarter were seen averaging 1.5 percent, down from earlier estimates of 2.3 percent. But core inflation, which strips out volatile items such as food and gasoline, was expected to average 2.2 percent, up from the previous 2.0 percent estimate.
