Economists are ratcheting up growth forecasts for the first quarter, after some better manufacturing and construction data
First quarter growth forecasts are now tracking solidly between 1 percent and 2 percent, following a recession scare that had some economists' forecasting growth barely above zero.
J.P. Morgan economists were even more optimistic."We now believe real annualized GDP growth last quarter is tracking 2.0 percent, up from our prior estimate of 1.5 percent," they wrote. "Much of that upward revision is coming from stronger inventory accumulation, which may add some downside risk to our projection of 2.25 percent growth in Q2."
There has also been a growing belief that the soft economy would ultimately push the Federal Reserve into cutting interest rates one or two times this year. The Fed last month did an about face on its interest rate hiking forecast and eliminated two hikes for this year. It also said it would take its cues from the data.
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