But in our forecast, that's the last significantly negative GDP quarter we expect to see.
David A. Wyss, chief economist for DRI, is quick to distance himself from the Business Week story, "This [story] was intended to be somewhat on the pessimistic side," he admits, "We are not going to change our forecasts by that much".
"We see no reason to change our forecast that the E.C.B. will not raise its key rate before the end of next year".
James Knightley at ING Bank said: "With unemployment now at 1.86m our forecast that unemployment will hit 3m in 2010 is looking on track.
"The recent increase in the index supports our forecast that the U.S. economy is poised to grow somewhat faster at 2.3 percent in 2014 compared to 1.6 percent in 2013," she said in a statement.
The latest reports on Friday "gives us more confidence in our forecast that growth will stabilize in the third quarter, and pick up gradually in the fourth quarter," Mr. Schwartz said.
With Taylor Wimpey stating that its landbank is now at an optimal scale and our forecast that the group will have nearly attained its volume aspirations in 2015, we expect cash generation to progressively improve.
John Ryding, chief economist at Bear , Stearnsin New York, wrote in a note to clients, "The improving picture for capital expenditures painted by this report bodes well for our forecast that growth will accelerate to 4percentt in the second half of the year".
"Despite the robust Halifax and Nationwide data for May, we are sticking for now to our forecast that house prices will fall by another 10% from current levels to trough around mid-2010.
If we're still seeing 600,000 or 700,000 job losses per month through the summer, then our forecast that the recession ends by the fall of this year is going to be called into serious question.
