Federal Reserve Cuts Growth Forecast

The U.S. economy is contracting again, a sign that the recession never really ended, and the unemployment rate will exceed 10 percent, said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc., a wealth management company, in Toronto. Second-quarter growth “looks as though it’s going to be revised down. We just had the Fed cut its forecast,” Rosenberg said today in an interview on Bloomberg Radio’s “The Hays Advantage” with Kathleen Hays, citing recent economic indicators. “We’re really building in something that’s negative for the third quarter,” he said. “My sense is the (economy) will contract in the fourth quarter as well.” Read more here:

Federal Reserve Cuts Growth Forecast