I do not much put much faith in the forecasts of the OEDC, however, the following quote in the WSJ today re-affirms my view that profits for American corporations have probably peaked for awhile and that US economic growth for 2011 could be around 2%.
"The cut in 2011 growth forecasts was particularly strong for the U.S, with gross domestic product growth for 2011 now projected at 1.75% to 2.25% from 3.2% previously. However, the OECD added the U.S. is expected to gain considerable momentum in 2012."
Horobin, William, Hannon, Paul, 2010. OEDC cuts 2011 growth forecasts. The Wall Street Journal, Nov. 3.
Unfortunately, 2% GDP growth is not enough to reduce the the 9.6% unemployment rate in the US.
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