More economists are forecasting gloomier days ahead for the American economy, believed to be steps away from entering a recession phase. The National Association for Business Economics said within three months the number of economists who foresee a further downturn doubled in one quarter to 45 percent.
When a first survey was completed on Nov. 6, less than 20 percent believed a recession was underway. A second poll of 49 professional economic forecasters from Jan. 25 to Feb. 13 yielded more dire business prospects for the U.S. economy.
The survey said the first quarter growth rate will likely be a measly 0.4 percent, while the American economy will sputter with a 1 percent expansion by the second quarter. The slowdown is because of the worst housing crisis to his the U.S. in 25 years, problems in the financial markets and spiraling fuel prices.
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