2Q lowered from 4% to 1.7%.
2011 lowered from 3.1% to 2.4%
Additional 2Q forecasts: July March
Unemployment 9.1% 8.9%
Consumer spending .60 2.9
Equip. Investment 4.7 17.2
Resid. Construction 3.8 12
Fed Government 4.5 0.9
Overseas operations account for 46% of S&P company earnings, meaning the majority still generated in the US. If the domestic economy ratchets down, will have an impact.
S&P research shows that whenever we have two or more successive quarters of subdued growth (2% or less), either we're already in a recession or will be entering one within 12 months.
A video interview can be seen here.