Daily News: July 17, 2012

Bloomberg: Gross Says U.S. Nearing Recession

Bloomberg reported that Bill Gross, who runs the world’s largest mutual fund at Pacific Investment Management, said the U.S. is “approaching recession when measured by employment, retail sales, investment, and corporate profits.”

Bloomberg noted that Goldman Sachs analysts cut their estimate for second-quarter economic growth to 1.1% from 1.3%, while Deutsche Bank’s chief U.S economist reduced his forecast to 1% from 1.4%.

“Pretty much everything is way weaker,” Ewen Cameron Watt, chief investment strategist at the BlackRock Investment Institute, told reporters in a teleconference from London, Bloomberg said. “There will be some more action from the Federal Reserve, but not probably dramatic action in a sense of massive stimulus.”

To read the Bloomberg story in its entirety, click here.