The National Association for Business Economists just slashed their GDP projections for 2010, cutting the growth number to 2.6% from 3.2%.2011’s growth is also expected to be a modest 2.6%, according to the group.
37% of the NABE panel characterised the recovery as, “subpar as severe wealth losses and onerous debt burdens inhibit spending and lending.”
The result of that scenario will be weak consumer spending and modest holiday sales growth.
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