Already bearish, the National Association for Business Economics cuts GDP growth forecasts for...

|By:, SA News Editor

Already bearish, the National Association for Business Economics cuts GDP growth forecasts for this year and next, to 2.6% each year, from 3.2%. Holiday spending will see an "especially weak" 2.5% gain and the group expects the jobless rate to hang around 9.5% through mid-2011 and then decline to 9.2%.