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Survey: Growth forecast lowered to 3 percent for the second quarter

Posted: 7/14/2014 | Views: 364

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

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