Deutsche Bank: U.S. Economy Could Contract by 10% in the First Quarter
April 20th, 2009Via: Reuters:
Deutsche Bank predicted there are risks that the U.S. economy could contract by as much as 10 percent in the first quarter, given the relentless wave of dismal economic data being reported in early 2009.
Deutsche Bank U.S. economists Joseph LaVorgna and Carl Riccadonna expect first-quarter Gross Domestic Products to shrink by 8 percent, steeper than the 6.2 percent fall in the fourth quarter.
“However, the risks are skewed heavily on the downside, so we would not be surprised after revisions, if output end up being down closer to minus 10 percent,” they wrote in a research note released on Wednesday.
