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Economists now are cautiously forecasting a turnaround in spending.
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"I'm not convinced my prediction is correct," Mr. Hale said, having cautiously just forecast that Mr. Obama would win the state in a squeaker.
Rio was also cautiously optimistic about commodity prices, forecasting that they would recover but might be volatile as governments rein in stimulus spending.
Amid a drumbeat of cautiously optimistic forecasts, foreign investors pumped almost $12 billion into Japanese stocks, a surge that helped stoke a spike in the yen.
Energy experts are cautiously optimistic: Ofgem, the energy regulator, has forecast that gas will be more plentiful.
Although we are cautiously trimming 2014 forecasts, prospects for 2015 remain strong.
McDonald's on Wednesday forecast a decline in global restaurant sales for January, as it and other fast-food chains fight for customers who are spending cautiously during continued economic uncertainty.
[Presidential forecast, Senate forecast].
Osborne replies that it does, but says he'd rather be in government alone in the next parliament (it's up to the British people though) 12.36pm GMT The full statement is online here (129 pages) 12.34pm GMT James Knightley of ING also reckons Osborne is building a pre-election "war chest": Our take away from this is that the Chancellor is playing cautiously with his growth forecast.
Steve Hughes, group finance director at Principality, said: "The economic outlook remains cautiously optimistic; inflation is lower than the Bank of England's forecasts, growth is still robust compared with neighbouring economies and there is encouragement in employment levels".
Sainsbury's has cut its full-year sales forecast after warning that customers are likely to "spend cautiously" in the first few months of 2014.
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