US Economy: Forecasts for U.S. economic growth cut again says Economic Report - by Jeffry Bartash

Battered by poor weather and surging gas prices, the U.S. economy likely grew slower in the first three months of 2011 compared to the end of 2010, according to revised estimates of forecasters.

Over the past few days more than a dozen forecasters have chopped estimates for the first quarter. As a result, the MarketWatch survey of economists now puts the projected rate of growth at 2.4%, down from 2.8% just a week earlier and from 3.5% when the quarter began.

One firm, Bank of America/Merrill Lynch, cut its forecast down to 1.5% for the January-through-March period. By comparison, the economy grew 3.1% in the fourth quarter.

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