Posted To: MND NewsWire

Fannie Mae’s economists are predicting that economic growth will slow significantly in the fourth quarter to 1.6 percent. This downward revision however is not as dire as it sounds. The company’s October forecast was looking for 1.7 percent growth in the third quarter due to an inventory drawdown from the General Motors strike and general weakness in the manufacturing sector. Instead, the third quarter growth in the real gross domestic product (GDP) came in at 1.9 percent. They now see that expected inventory drawdown materializing in this current quarter and that GDP for the year will be 2.1 percent. The simulative effects of the Budget Act of 2019, improved business investment and continued strength in consumer spending along with a temporary reprieve from trade tensions have moved Fannie…(read more)

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Source: Mortgage News Daily