Business economists are giving a more pessimistic outlook about U.S. economic growth this year for the third consecutive month and uncertainty over the November presidential election has proven to be damaging.
The median estimate from economists surveyed by the National Association for Business Economics calls for gross domestic product growth of only 1.8 per cent, down from the 2.2 per cent forecast in March. The outlook for next year calls for 2.3 per cent growth.
The survey released Monday also shows the forecast for growth in corporate profits swinging from a 2 per cent gain in March, to negative 2 per cent in June.
Of the economists surveyed, 57 per cent said that uncertainty over the election led them to reduce their expectations.
