NAM outlook for growth modest for remainder of 2007
An update of the report that was released in January, the National Association of Manufacturers' May 2007 Economic Report predicts an overall growth in the economy of 2.4% for the remainder of the year.
The May 2007 Economic Outlook from the National Association of Manufacturers pointed to an economy currently stuck in low gear that should accelerate slightly in the second half of 2007.
The report says the economy will grow by 2.3 percent in the second quarter before accelerating to 2.7 and 3.2 percent growth in the third and fourth quarters, respectively. Overall, the economy is forecast to grow by 2.4 percent.
“With the dollar at its lowest level since mid-1997 and solid economic growth taking place abroad, exports should continue to rise,” Huether said.
“However, when new houses aren’t going up very quickly, neither is the economy,” he added. “The ongoing downturn in housing will significantly impact some manufacturing sectors, including wood products, non-metallic minerals and
The impact of housing will be felt on the job market, where 100,000 jobs in manufacturing will be lost this year, according to the report.
Click here to view the report: www.nam.org/econoutlook .
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