Economics
Meet the Doomsayers: Five Who Say US Economy Will Keep Shrinking
- Consensus from Bloomberg survey is for growth rate of 1.7%
- Five of 55 forecasters expect another GDP drop in 3rd quarter
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Only a minority of economists correctly predicted that the US economy would contract last quarter. The number who expect it to keep shrinking in the current period is even smaller.
Gross domestic product declined for a second straight quarter in the April-June period, the government reported last week, cueing a debate about whether the US is in a recession. The 0.9% decline compared with a median forecast for growth of 0.4% in Bloomberg’s survey of economists.