The current state of the economy is gaining a lot of attention both in Washington D.C. and on the campaign trail. Some claim that the housing downturn could have already put the economy into recession, while others remain optomistic that the expansion, while clearly slowing, will continue on.
The NAM’s economic outlook for 2008 calls for a substantial deceleration in GDP growth this year. After growing by 2.6 percent last year, the economy is expected to grow by half that pace during the first half of this year, due mainly from the ongoing downturn in housing, which is expected to fall by a double digit rate for a third consecutive year in 2008 — a first in the post WW II era. The forecast anticpates 2.1 percent GDP growth this year, the slowest pace in five years.
Meanwhile, after growing faster than the overall economy during the 2004-2006 period, the manufacturing sector will grow slightly slower (1.9%) than the GDP this year.
To check on the NAM’s Economic forecast for 2008, click here
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