A More Dismal Economic Forecast

by: Tim Iacono

USA Today has collected the results of its latest quarterly economic survey in this report that contains the chart shown below (), the collective work of almost 50 of the nation’s top economists who now predict that growth in the U.S. will slow down a bit this fall.

Unemployment is expected to remain quite high (U3 >9 percent) and consumer prices low (CPI <2 percent) with the first interest rate hike coming early next year. This could be a very interesting (and fun!) forecast to come back to later this year or early in 2011 given that the current outlook is “unusually uncertain” (according to the nation’s top economist, Fed Chief Ben Bernanke) and the recently dismal track record of economists predicting the future.

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