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Highlights from the Economic Forecasting Center’s National Report:
The GDP growth fails to cross the 2.0% mark until late-2009. Overall, real GDP growth for 2008 will be 1.4%, decelerating to a 0.5% rate in 2009. In 2010, real GDP will grow by 2.2%, still below the trend rate of 3.0%.
For 2008, consumption growth will be 1.0%, before moderating to 0.3% in 2009. It will rise by 1.9% in 2010. Durable goods consumption will decline by 2.8% in 2008 and 3.7% in 2009, before experiencing a sharp 3.9% rise in 2010.
For 2008, oil prices will average $106.7 per barrel, before moderating to just below $90.0 per barrel in 2009 and 2010.
Housing starts will average 0.949 million units in 2008, and will drop to 0.900 million units in 2009. Housing starts will rise to 1.209 million units in 2010.
For 2008, the inflation rate will average 4.3% but will moderate sharply to a 2.2% rate in 2009. In 2010, the inflation rate will average 2.0%. Meanwhile, the core CPIPI inflation rate will average 2.3% in 2008 and 2009, before rising mildly to 2.4% in 2010.
The unemployment rate will average 5.5% in 2008, but it will rise to 6.3% in 2009, dropping slightly to 6.2% in 2010.
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