Business economists are giving a more pessimistic outlook about U.S. economic growth this year for the third consecutive month and uncertainty over the November presidential election has proven to be damaging.
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The median estimate from economists surveyed by the National Association for Business Economics calls for gross domestic product growth of only 1.8 percent, down from the 2.2 percent forecast in March. The outlook for next year calls for 2.3 percent growth.
The survey released Monday also shows the forecast for growth in corporate profits swinging from a 2 percent gain in March, to negative 2 percent in June.
Of the economists surveyed, 57 percent said that uncertainty over the election led them to reduce their expectations.