Daily News: June 4, 2012

Bloomberg: Growth Slowdown, But No Recession

Bloomberg reported that the U.S. economy looks set to deliver a repeat performance in 2012: for the third straight year, it may suffer a swoon yet not slip into a recession.

Quoting a former Fed researcher, Bloomberg said, “I don’t think the slowdown will be any more consequential than the past two years – there are positives out there in the economy. We’ll avoid a recession.”

However, Bloomberg said, following last week’s jobs report, Michael Feroli, chief U.S. economist at JPMorgan Chase lowered his forecast for third-quarter economic growth to 2% from 3%. He sees the economy expanding 2.5% this quarter.

To read the full Bloomberg story, click here.