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Business economists have lowered their estimates for economic growth in the second quarter following news of a significant contraction during the first three months of the year.
The April to June forecast fell to 3 percent from a 3.5 annual rate in June, according to a special survey released Friday by the National Association for Business Economics (NABE).
The forecast change is due mostly to a late June report showing that the economy shrank at a 2.9 percent pace in the first quarter.
Still, the economists are relatively upbeat about growth for the rest of the year and they don't foresee a recession for this year or next.
Source: The Hill