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Economists Cut U.S. Growth Forecasts Through 2011
October 11, 2010
The U.S. economy, the world’s largest, will expand less than previously estimated as a lack of jobs restrains consumer spending through 2011, a survey showed.
Gross domestic product will increase 2.6 percent this year and next, according to the median of 46 economists surveyed by the National Association for Business Economics from Sept. 2 to Sept. 21. A May poll projected growth of 3.2 percent for both years. Economists also cut estimates for personal spending, employment and consumer prices.
A plurality of 37 percent of economists surveyed characterized the expansion that began in June 2009 as “subpar,” reflecting declines in household wealth and “more onerous debt burdens” that are limiting purchases and lending. The share of respondents saying the expansion is uneven and “dominated by stimulus policies” increased to 17 percent from 5 percent in May.
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