Economists Cut U.S. Growth Estimates, But There's Still Room for Optimism

U.S. business economists have sharply cut their growth forecasts for the April-June quarter and 2014, though they remain optimistic that the economy will rebound from a dismal first quarter.

A survey by the National Association of Business Economics, released Friday, found that economists expect, on average, growth of 3 percent at an annual rate in the second quarter. That's down from 3.5 percent in a June survey. Growth in 2014 as a whole will be just 1.6 percent, they project, sharply below a previous forecast of 2.5 percent.