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09-11-2009, 06:59 PM #1
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U.S. Economic Growth to Slow as Car Rebates End, Survey
U.S. Economic Growth to Slow as Car Rebates End, Survey Shows
By Timothy R. Homan and Alex Tanzi
Sept. 11 (Bloomberg) -- The U.S. economy will pull out of the recession at a faster pace than previously forecast, before slowing as the end of the government’s auto-rebate program weighs on consumer spending, a survey of economists showed.
The economy will expand at a 2.9 percent annual rate in July through September, according to the median of 61 estimates in a monthly Bloomberg News survey, compared with a forecast of 2.2 percent the previous month. Growth is projected to slow to a 2.2 percent pace during the last three months of the year.
The new projections follow a record drop in borrowing by Americans and an unemployment rate that jumped last month to a 26-year high, suggesting that business and government spending rather than consumer purchases will determine the strength of recovery from the worst economic slump since the Great Depression.
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