JPMorgan Cuts US Economic Growth Forecasts ‘Perilously Close' to Recession [Business News Network (BNN) (Canada)]
JP Morgan Chase & Co. (JPM)
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Source: Business News Network
The Wall Street bank reduced its estimate for annualized gross domestic product growth to 1% for the second quarter, down from 2.5% previously. This quarter is also seen at 1%, down from 2%. Growth will tick up to 1.5% in the final three months of the year, helped by stronger car production and lower inflation, the bank's economists said. “Our forecast comes perilously close to a recession,” Michael Feroli, JPMorgan's chief US economist, wrote in a note Friday. “However, we continue to look for the economy to expand, in part because we think employers may be reluctant to shed workers, even in a period of soft product demand.” Read More: Summers Sees Rising Danger US Recession Will Hit Before Year-End ©2022 Bloomberg L.P. Top Picks
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