Bloomberg BNA Releases Annual Economic Outlook Report
Arlington, Va. (Jan. 22, 2013) - Major shifts in federal fiscal policy will bring about continued uncertainty and a temporary slowdown in economic growth in the first half of 2013, but a strengthening private sector is expected to boost growth in the second half of the year, according to Bloomberg BNA's annual Economic Outlook released today.
The consensus forecast of economists at 21 leading financial, consulting, and academic organizations across the United States also calls for the unemployment rate to continue on a gradual downward slope from its recent four-year low of 7.8 percent to an average of 7.5 percent in the second half of 2013.
Posing a threat to this outlook, analysts said, is the potential for a damaging federal budget crisis if President Obama and congressional Republican leaders cannot reach agreement on the debt ceiling increase and a long-term deficit reduction plan. Following is a summary of the 2013 forecast:
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