I found a few items of interest in the August Wall Street Journal Economic Forecast Survey.
Perhaps the most interesting (and perhaps provocative item) was the following:
“”It is irresponsible nonsense to claim that tax cuts ‘pay for themselves,’ ” said Nicholas Perna of Perna Associates.”
As well, there a variety of interesting questions asked of the economists. These questions are seen in the Q&A section of the detail.
The current average forecasts among economists polled include the following:
Ten-Year Treasury Yield:
for 12/31/2010: 3.22%
for 12/31/2011: 4.08%
for 12/1/2010: 1.1%
for 12/1/2011: 1.8%
for 12/1/2010: 9.4%
for 12/1/2011: 8.6%
Crude Oil ($ per bbl):
for 12/31/2010: $78.48
for 12/31/2011: $81.96
full-year 2010 : 2.9%
full-year 2011 : 2.9%
As compared to last month’s survey, there were some material changes.
(note: I comment upon this survey each month; commentary on past surveys can be found under the “Economic Forecasts” category)
I post various economic forecasts because I believe they should be carefully monitored. However, as those familiar with this blog are aware, I do not agree with the many of the consensus estimates and much of the commentary in these forecast surveys.
A Special Note concerning our economic situation is found here
SPX at 1079.25 as this post is written