Cutting predictions from their prior survey, 50 forecasters surveyed by the Federal Reserve Bank of Philadelphia see gross domestic product growth this quarter at 0.7%, compared to the 2.2% predicted in three months ago, followed by 1.3% growth in the second quarter, and 2.8% growth in each of the year’s two remaining quarters.

The survey of professional forecasters said there is a 47% probability of a downturn this quarter and 43% in the second quarter, according to the survey released yesterday.

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