Fed Admits U.S. Economic Growth Slowing, Revises Forecasts for 2011, 2012
U.S. Federal Reserve Chairman Ben Bernanke admitted on Tuesday that the economy has been growing more slowly. The Fed projects the economy to grow just 2.7% to 2.9% in 2011, which is lower than its previous projections (given in April) of 3.1% to 3.3%. The Fed expects "frustratingly slow" economic growth to continue in 2012. The Fed's revised projections for 2012 are that the U.S. economy will grow between 3.3% and 3.7%. In April the Fed forecast 2012 growth of 3.5% to 4.2% for 2012, so this was a significant downward revision. Take a look:
