Wednesday, May 21, 2003

Econony Economists have cut their U.S. growth forecasts for the current quarter and the whole of 2003, they expect gross domestic product to grow by 2.2 percent this year, down from their previous prediction of 2.5 percent made three months ago. "Much of the downward revision for the year comes from a cut in the projection for growth in the second quarter," which is now expected to average 1b>1.8 percent compared with the 2.7 percent forecast of the previous survey. Source: Federal Reserve Bank of Philadelphia Econony Washington's unemployment rate continued to rise in April, reaching 7.3 percent -- up from March's revised 7.1 percent -- and is expected to keep climbing. "It's not surprising news to hear that we are seeing an increase statewide," said Chang Mook Sohn, the state's chief economist. "I am expecting it to hit at least 7.7 percent or 7.8 percent by the end of this year." Source: Seattle Times/span> 8:54:52 AM    comment []