The second half of year will see economic growth, albeit not as much as once hoped, according to the National Association of Business Economists, a group that promotes the use of in-house economics in the workplace.
That conclusion arises from looking at corporate results as a sort of "weather vane" for the economy at large.
For the second quarter, 56 percent of business economists say their organizations posted higher sales, down from 63 percent in the first quarter, the association reports, according to MarketWatch.
Only 29 percent says their companies posted higher profits in the second quarter, down from 45 percent in the first three months of the year.
The "economic landscape is weakening and the recovery is softening," says Shawn DuBravac, chief economist of the Consumer Electronics Association.
Only 11 percent believe the U.S. economy will grow above 3 percent.
That's down sharply from 37 percent in the last survey. The majority predict growth will average between 2.1 percent and 3.0 percent in 2011.
Goldman Sachs, meanwhile, has cut its forecast for U.S. second-quarter growth to 1.5 percent from 2 percent, citing weak consumer spending.
Natural disasters are partially to blame.
"Some of this weakness is undoubtedly related to the disruptions to the supply chain — specifically in the auto sector — following the east Japan earthquake," says Goldman Sachs Chief Economist Jan Hatzius in a weekly note to clients, Reuters reports.
The economy grew at a 1.9 percent pace in the first quarter.
The government will release its first estimate for second-quarter economic growth rate on July 29.
© 2017 Newsmax Finance. All rights reserved.