Pacific Investment Management Co.’s Bill Gross said the U.S.
is approaching a recession as economists at Goldman Sachs Group Inc. (GS) and
Deutsche Bank AG lowered their forecasts for growth, the good folks at Bloomberg report.
Goldman Sachs analysts led by Jan Hatzius cut their estimate
for second-quarter gross domestic product growth to 1.1 percent from 1.3
percent, while Deutsche Bank’s chief U.S economist, Joseph LaVorgna, reduced
his forecast to 1 percent from 1.4 percent. Federal Reserve Bank of Kansas City
President Esther George said yesterday the U.S. economy probably won’t grow
much faster than 2 percent in 2012.
The U.S. is “approaching recession when measured by
employment, retail sales, investment, and corporate profits,” Gross, who runs
Pimco’s Total Return Fund, the world’s largest mutual fund, wrote on Twitter
yesterday...
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