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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (354464)1/22/2008 5:44:11 PM
From: ldo79  Read Replies (1) of 436258
 
Citigroup cuts US GDP forecast, sees recession
Tue Jan 22, 2008 5:27pm EST

CHICAGO, Jan 22 (Reuters) - Citigroup on Tuesday lowered its full-year U.S. economic growth forecast for 2008 and forecast a "mild but prolonged" recession.

Economist Steven Wieting said in a research note that GDP growth on a fourth-quarter to fourth-quarter basis should be 1.2 percent, down from 2.4 percent forecast earlier.

"Academic definitions aside, we'll call that recession. 'Mild but prolonged' seems more likely than 'quick and deep,'" Wieting said.
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