Recently McKinsey released their “Economic Conditions Snapshot, June 2011”
As stated in the survey:
Over the past three months, executives around the world have grown more pessimistic about their nations’ economies: compared with three months ago, a smaller share say their economies improved over the past six months, and slightly more expect worsening conditions over the rest of 2011, according to our most recent survey.
The aspect that I found most interesting had to do with the North America executives’ responses to the question “How do you expect your country’s economy to be 6 months from now?”
Only 2% indicated “Substantially worse.”
Of the other four response categories, the majority indicated “Moderately better” (44%), or “The same” (35%); while 4% indicated “Substantially better.” 15% indicated “Moderately worse.”
I find these responses to be one more indication confirming that consensus expectations regarding future economic conditions are for that of low growth with (very) little chance of substantial economic weakness.
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 many of the consensus estimates and much of the commentary in these forecast surveys.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1294.28 as this post is written