"Fannie Mae stopped short of forecasting another double-dip recession for the U.S. economy Monday, but warned recent indicators show one could be nearing.
"Key factors, including revisions to gross domestic product data, have revealed that we have a bigger hole to dig out of, which explains the consumer angst over the lack of employment growth," Fannie Mae Chief Economist Doug Duncan said. "Moreover, European financial market and fiscal policy turmoil, coupled with the U.S. debt ceiling debate, have hit on consumer confidence, which is at recessionary levels."
Fannie expects economic growth to drop to 1.4% this year, down from a 3.1% growth last year. In 2012, Fannie doesn't expect the economy to grow at the rate measured in 2010..."
at http://www.housingwire.com/2011/08/22/fannie-mae-warns-of-nearing-double-dip-recession?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
"Key factors, including revisions to gross domestic product data, have revealed that we have a bigger hole to dig out of, which explains the consumer angst over the lack of employment growth," Fannie Mae Chief Economist Doug Duncan said. "Moreover, European financial market and fiscal policy turmoil, coupled with the U.S. debt ceiling debate, have hit on consumer confidence, which is at recessionary levels."
Fannie expects economic growth to drop to 1.4% this year, down from a 3.1% growth last year. In 2012, Fannie doesn't expect the economy to grow at the rate measured in 2010..."
at http://www.housingwire.com/2011/08/22/fannie-mae-warns-of-nearing-double-dip-recession?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
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