Friday, August 19, 2011

Citi and JPM Cut U.S. GDP Forecast to 1% From 2.5%, And 0.5% In 2012 Q1

As if things could not get any worse: Citigroup Inc. and JPMorgan Chase & Co. have cut their U.S. growth forecasts.

Bloomberg: "Gross domestic product will grow 1 percent in the fourth quarter rather than the 2.5 percent previously forecast and 0.5 percent in the first quarter of 2012 instead of 1.5 percent, JPMorgan said in a note e-mailed to clients today. Citigroup cut its 2011 growth forecast to 1.6 percent from 1.7 percent and lowered its projection for next year to 2.1 percent from 2.7 percent, according to a note to clients dated yesterday"

“The next four quarters we don’t see growth that is much faster than the growth that took place in the first half of this year,” said Michael Feroli, JPMorgan’s chief U.S. economist in New York. “Global growth has disappointed and foreign growth forecasts have been taken lower. Risks of a recession are clearly elevated.”

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