Wednesday, August 11, 2010

Economists Cut Growth Estimates

Now that it's perfectly obvious to everyone on the planet that the recovery is not much more than burnt toast, Economists Cut U.S. Growth Forecasts
http://noir.bloomberg.com/apps/news?pid ... iWeOkUYFko

A lack of jobs will shackle consumer spending and restrain the U.S. recovery more than previously estimated, according to economists polled by Bloomberg News.

Gross domestic product will expand at an average 2.55 percent annual rate in the last six months of 2010, according to the median of 67 estimates in a survey taken July 31 to Aug. 9, down from the 2.8 percent pace projected last month. Household purchases will climb at a 2.25 percent rate, compared with a 2.6 percent gain previously forecast.

“Simply put, job growth in the private sector hasn’t improved as we would’ve expected,â€