More downward revisions to economic forecasts

"Below are some downward forecast revisions released last night and today. If these forecasts are close, then the unemployment rate will probably increase over the next few quarters too ...

• From Wells Fargo today:

Based on the evidence we have reviewed ... we have concluded there are now significant downside risks to economic growth over the near term. Our forecast now calls for real GDP to rise 1.6 percent in 2011 and 1.1 percent in 2012 ... it is entirely possible the current downward spiral in the economy and financial markets will become self-reinforcing. We will be monitoring high frequency data for further signs of economic deterioration and revise our outlook as needed..."

at  http://www.calculatedriskblog.com/2011/08/more-downward-revisions-to-economic.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29