Expectations for real gross-domestic product growth were “scaled back,” with 76% of National Association of Business Economics respondents forecasting real GDP growth will exceed 2%, down from the 94% in April. The share of respondents planning for real GDP growth to top 3% fell to 11% from 37% in April.
“NABE’s July 2011 industry survey indicates that the economic landscape is weakening and the recovery is softening,” said Shawn DuBravac, chief economist for the Consumer Electronics Association. “Sales growth remains positive for the majority of firms responding in July, but that majority is now smaller than it was last quarter .... The economic picture continues to be clouded by global uncertainties, including the disasters in Japan.”