Group forecasts GDP up 2.6 percent this year, down from May prediction of 3.2 percent...
"Consumer caution, high unemployment and slow growth in household wealth will slow U.S. economic growth through next year, according to a survey by the National Association of Business Economics. The 46 economists in the association's quarterly survey forecast growth in real GDP of 2.6 percent this year, down from their May prediction of 3.2 percent. The economists predict GDP will accelerate gradually through 2011 but remain "moderate" next year. "This summer's slowdown has exposed the economy's sensitivity to wealth losses, the unwinding of debt, and the reductions in economic stimulus," said NABE President-elect Richard Wobbekind, associate dean of the Leeds School of Business at the University of Colorado-Boulder. "Confidence in the expansion's durability is intact, but recent economic weakness has prompted many panelists to scale back expectations for the year ahead."..."