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J. Scott Applewhite / AP Alan Greenspan |
Indeed, Carl Tannenbaum, president of the National Association for Business Economics, said that "the forecasters" are predicting "good growth" this year -- and "even stronger" results for 2008. Speaking on "Morning Call," he said that the closely-watched housing market will prove a "diminishing drag on GDP growth." The leading driver will be consumer spending -- and Tannenbaum says his group has upped its consumer-spending view in light of "solid" employment projections. The NABE chief summed it up this way: "The Fed did its job," steering a "soft landing" and maintaining "stable rates."
Liesman buttressed that view by pointing to Greenspan's concession that "while...it is possible we can get a recession in the latter months of 2007, most forecasters are not making that judgment."
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Data is a real-time snapshot *Data is delayed at least 15 minutes