September 12, 2008

Strong second quarter data raised expectations for GDP growth for 2008. The economists now expect the economy to grow at a 1.5% rate during 2008. Forecasts for the third and fourth quarter were virtually unchanged at 1.2% and 0.7% respectively as were forecasts for the first and second quarter of 2009 at 1.3% and 1.9% respectively. Putting those numbers together the forecasters expect to economy to grow at a 1.23% annual rate from June, 2008 to June, 2009.

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