JPM US GDP revised down again

JPMorgan revised down US economic forecast (again) – in March the forecast was US 2010 GDP growth of 3.6%; it is now 2.8%. " Taken at face value, a 500,000 level of claims is consistent with a stall in growth and a contraction in private sector jobs. We recognize that three weeks of rising claims readings do not constitute a trend. But the movement in jobless claims has been sharp enough and sustained enough to warrant a change in our economic forecast. And, of course, the message from the rise in initial jobless claims is being reinforced by other incoming data, including the outright decline in factory orders reported in both August manufacturing surveys in hand."