Posted on 07/10/2010 2:22:22 PM PDT by Qbert
WASHINGTON (Reuters) - The U.S. economy will lose steam as the year progresses but will not slide back into recession, even though unemployment is unlikely to fall significantly, according to a survey released on Saturday.
The Blue Chip Economic Indicators survey of private forecasters found analysts increasingly glum about the outlook. They now see the economy expanding just 3.1 percent in 2010, down from 3.3 percent in the June poll.
They do not, however, envisage a renewed period of contraction, which has been widely debated in financial markets in recent weeks.
"Our panelists think talk of a double-dip recession is overblown absent a new, major shock," the group said in its report.
Some analysts worry such a disruption might come from Europe, where concerns about high debt levels have made the banking sector jittery about lending.
The report's findings highlight the risks of a sputtering recovery amid lingering softness in housing, suggesting the unemployment rate will end the year at 9.4 percent, barely down from the current 9.5 percent rate.
"For a second straight month the number of panelists that lowered their forecasts of nominal GDP growth and inflation exceeded those that raised their forecasts by a significant margin," the report said.
(Excerpt) Read more at cnbc.com ...
...Well that's because the financial markets are taking into account the massive tax hikes coming down the pike, and the panel of economists are hiding behind their mathematical assumptions in the Ivory Tower.
Can't wait!
setting up for greater use of the word “unexpectedly”
Weakening?!!!! Weakening?!!!! Like it has been strengthening...NOT! nobama and his minions are doing a great job of undermining the economy with their lame-brained redistributionist ideas. nobama hates a strong, exceptional America! He should be in jail (preferably GITMO). What a disgrace and what a loser.
We’re still in recession. Obama’s lackeys will just refuse to call it that.
LLS
“Economists See U.S. Recovery Weakening: Survey”
Most of us out here in the heartland never saw a recovery in the first place.
Welcome to the real world, d’bags.
Remember what they said and remind them in 6 months.
But, but, but...ZerO just said in Nevada that everything is getting so much better that no way can you give the keys to the car back to the GOP. LIAR in Chief!
economy bump for later.......
You’re making a hige assumption here: that the GOP has a plan.
That’s a bad assumption, because rhey don’t. I have not seen a credible, cohesive economic plan out of the GOP yet - on anything. They’re running on a doctrine that tax cuts can cure everything, and in this situation, they can’t.
I did say “if”.
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