Wall Street economists are in a race to whittle down the United States growth outlook to a nub, a sliver if you will…
Economists at J.P. Morgan on Friday further cut estimates for U.S. economic growth and warned that recession risks are “clearly elevated.” While the outlook for third-quarter growth looks only “moderately softer” than previously projected, the economists, in a research note, said they have slashed the outlook for fourth-quarter growth to 1% from a previous projection of 2.5%. They also lowered their first-quarter 2012 growth forecast to 0.5% from 1.5%.
It’s funny to watch the guys from JPM asset management flogging global stocks in the media while the JPM economists are doing stuff like this.
I guess they work on a different floor in the building. Maybe they could at least have lunch together from time to time?