How’s that old Summer of Recovery working out for ya?
Projected U.S. economic growth for the rest of this year and next was revised down for a third month in a row by a panel of about 50 economists.
The latest Blue Chip Economic Indicators report on Thursday said the weaker outlook for second-half 2010 growth stemmed from lower expectations for consumer spending, business investment and private construction.
“Growth in the current quarter now is expected to be little better than the disappointingly soft advance registered last quarter,” the survey said. Gross domestic product grew at a meager 1.6 percent annual rate in the second quarter, less than half the first quarter’s 3.7 percent rate…
Of course, being “experts” there has to be a rosy scenario in there somewhere…so, they expect the second half of 2011 to start showing some improvement. Keep in mind, though, that they originally thought the second half of 2010 would be pretty good. How they are deciding that things will get better later is beyond me – there are zero signs of improvement, so all predictions would have to be of flat or negative economic activity…until some sort of policy change comes along.
Unless, I guess, they are expecting a GOP win in November and thus counting on some rationality in government policy?
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