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Wed Sep 18, 2019, 12:40 PM

The CEOs of America's biggest companies just lowered their economic growth forecast for the year

Source: CNBC

POLITICS
The CEOs of America's biggest companies just lowered their economic growth forecast for the year
PUBLISHED 2 HOURS AGO | UPDATED 2 HOURS AGO
Ylan Mui
@YLANMUI https://twitter.com/ylanmui

KEY POINTS
-- The Business Roundtable said its members forecast U.S. economic growth this year will clock in at 2.3%, down from last quarter's estimate of 2.6%.
-- The group, whose chairman is J.P. Morgan CEO Jamie Dimon, blamed tension with China and the stalled free-trade agreement with Mexico and Canada for its members' downbeat assessment.
-- This quarter's survey asked members to rate the impact of the trade war on their businesses over the past year. More than half of executives reported a somewhat or very negative impact on sales.

The chief executives of the nation's biggest companies downgraded their outlook for the U.S. economy amid uncertainty over the trade war and slowing global growth, according to a new survey released Wednesday.

The Business Roundtable said its members now forecast growth this year will clock in at 2.3%, down from last quarter's estimate of 2.6%. In addition, its indexes of hiring, capital investment and sales all declined.

"This quarter's survey shows American businesses now have their foot poised above the brake, and they're tapping the brake periodically," Business Roundtable President Joshua Bolten said in a statement. "Uncertainty is preventing the full potential of the economy from being unleashed, limiting growth and investment here in the U.S."

The Roundtable, whose chairman is J.P. Morgan CEO Jamie Dimon, blamed tension with China and the stalled free-trade agreement with Mexico and Canada for its members' downbeat assessment.

Read more: Capitalism is in crisis, and business leaders know it
https://www.cnbc.com/2019/09/04/capitalism-is-in-a-moment-of-crisis-and-business-leaders-know-it.html

This quarter's survey asked members to rate the impact of the trade war on their businesses over the past year. More than half of executives reported a somewhat or very negative impact on sales, while 40% of manufacturing CEOs said capital investment took a hit. The group found almost no company reported a positive impact.
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Read more: https://www.cnbc.com/2019/09/18/america-top-ceos-lower-economic-growth-forecast-for-the-year.html

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Reply The CEOs of America's biggest companies just lowered their economic growth forecast for the year (Original post)
mahatmakanejeeves Sep 18 OP
SWBTATTReg Sep 18 #1
KY_EnviroGuy Sep 18 #2
virgogal Sep 18 #3
Skittles Sep 18 #4
Doitnow Sep 18 #5
ck4829 Sep 18 #6
Initech Sep 18 #7

Response to mahatmakanejeeves (Original post)

Wed Sep 18, 2019, 01:09 PM

1. So, in short, rump gets the blame, as he should. NT

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Response to mahatmakanejeeves (Original post)

Wed Sep 18, 2019, 01:44 PM

2. Trump thrives on chaos and uncertainty.....

Without that, he wouldn't be in or remain in power. Apparently, he does not comprehend that markets despise chaos and uncertainty.

I sense an aroma of hypocrisy from these execs who benefited bigly from the tax cuts and deregulation but now bemoan the hangover.

So much winning............

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Response to mahatmakanejeeves (Original post)

Wed Sep 18, 2019, 02:02 PM

3. So growth is slowing but there is still growth?

I canít figure out if that is good news or bad news.Color me confused but I am not too savvy regarding economics.

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Response to virgogal (Reply #3)

Wed Sep 18, 2019, 05:31 PM

4. it sucks

America is going into massive debt and the average consumer is paying more, yet growth is nowhere near where Trump claimed it would be when he gave big tax cuts to the rich.

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Response to mahatmakanejeeves (Original post)

Wed Sep 18, 2019, 05:46 PM

5. Go ahead. Support and vote for the Rethugs. You'll get more of the SAME! For being the Big Wig

owners of corporations, you sure are STUPID. No, not just stupid. GREEDY and STUPID.

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Response to mahatmakanejeeves (Original post)

Wed Sep 18, 2019, 06:42 PM

6. AKA a recession

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Response to mahatmakanejeeves (Original post)

Wed Sep 18, 2019, 08:53 PM

7. Kind of hard to project economic growth when only a handful of people...

Have more wealth than the rest of the world combined.

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