The CNBC Rapid Update, the average of 14 forecasts for the U.S. economy, sees GDP rising by 3.2% this year, a modest 0.3% markdown from the February forecast.
Hong Kong's Hang Seng Drops 4% as Asia-Pacific Stocks Slip; Oil Prices Surge on Russia-Ukraine Conflict
One factor that makes this price shock different from others is how much oil the U.S. produces. With U.S. production and demand in rough balance, money is transferred from consumers to producers inside the economy, rather than from the U.S. to foreigners. That will hit individual American families and certain regions of the country harder, but boost the profits of U.S. energy companies.Still, some are pessimistic that the drag from higher prices will lead to a bigger drag on U.S. growth.
JPMorgan took off nearly a full percentage from European growth this year, and now forecasts GDP will increase by 3.2%. But the second quarter has been filled in at zero.
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