Economic Forecasting Survey: August
The Wall Street Journal’s survey of economists listed the following as the 5 greatest downside risks to their GDP forecasts for 2006 (average prediction cut from 3.0% growth to 2.8%):
1) Energy Prices (43%); 2) Housing Market (15%); 3) Higher than expected interest rates (13%); 4) Slower than expected consumer spending (13%); 5) Slower than expected business spending (11%)
CPI is predicted to rise by 3.3% in November of 2006 and by 2.8% in May of 2007j.
When asked how high oil prices would need to rise to threaten economic expansion the average of responses was $98.22 per barrel. If fuel prices rose to $4.08 per gallon, expansion would be similarly threatened in the opinons of the economists.
This entry was posted on Thursday, August 10th, 2006 at 10:46 pm and is tagged with gdp forecasts, downside risks, wall street journal, economic forecasting, opinons, economic expansion, energy prices, fuel prices, oil prices, housing market, cpi, economists, gdp, wall street, interest rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback.
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