Today's GDP Report Will Confirm That The Slowdown Has Already Begun

Nouriel Roubini

Q2 GDP is out today, and just about everyone is expecting sluggish, un-V like growth.


“Practically every Street economist took a knife to Q2 and Q3 G.D.P. growth,” David A. Rosenberg, chief economist for Gluskin Sheff, wrote last week in a note to clients, referring to Wall Street forecasts for gross domestic product. For the second-quarter results to be released Friday, economists project a modest annualized gain of 2.6 per cent, down from 2.7 per cent in the first quarter and 5.6 per cent in the final quarter of last year.

That number may even be a tad high at this point. Some are definitely closer to 2% in their forecast.

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