The U.S. economy is in the midst of a severe recession and will face serious challenges through 2009, according to a new report.
The Manufacturers Alliance/MAPI Quarterly Economic Forecast says that inflation-adjusted GDP growth decelerated to 1.4% in 2008 and will decline 1% in 2009. The 2009 GDP forecast is down from 1.3% growth projected in MAPI’s previous quarterly report in August.
Manufacturing production growth will sink into negative territory in 2008, declining 1.4% following an already low 1.7% growth in 2007. It is likely to fall further in 2009, declining by a significant 4.2%. The previous quarterly MAPI report had forecast production to decline by 0.5% in 2008 and to grow by 1.6% next year.
Production in …
MAPI Report: U.S. Economy in Recession
The U.S. economy is in the midst of a severe recession and will face serious challenges through 2009, according to a new report.
The Manufacturers Alliance/MAPI Quarterly Economic Forecast says that inflation-adjusted GDP growth decelerated to 1.4% in 2008 and will decline 1% in 2009. The 2009 GDP forecast is down from 1.3% growth projected in MAPI’s previous quarterly report in August.
Manufacturing production growth will sink into negative territory in 2008, declining 1.4% following an already low 1.7% growth in 2007. It is likely to fall further in 2009, declining by a significant 4.2%. The previous quarterly MAPI report had forecast production to decline by 0.5% in 2008 and to grow by 1.6% next year.
Production in …
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