On Friday, the Federal Reserve Bank of Philadelphia released its "Third Quarter Survey of Professional Forecasters" report which found that the "U.S. economy looks weaker now than it did three months ago." 

Specifically, the survey of 48 economic forecasters lowered real GDP expectations this quarter from 2.5 percent down to 1.6 percent, lowered monthly non-farm payroll employment from 135,000 to 125,000, and said they expect 2012 unemployment to be at 8.2 percent.

Begun in 1968, the Survey of Professional Forecasters is the oldest survey of macroeconomic forecasts in the United States.