The forecast for GDP in 2009 was revised to a range of -2.0% to -1.3% from -1.3% to -0.5% in January, with the unemployment rate of 9.2% to 9.6% from 8.5% to 8.8%, and personal consumption expenditure (PCE) inflation of 0.6% to 0.9% from 0.3% to 1.0%. Forecasts for GDP growth and the unemployment rate in 2010 and 2011 were also negatively revised. More from Bloomberg...
The Dow Jones Industrial Average lost 52 points (0.6%) to close at 8,422, the S&P 500 Index fell 5 points (0.5%) to 903, and the Nasdaq Composite declined 7 points (0.4%) to 1,728. Crude oil gained $1.94 to $62.04 per barrel, and gold rose $13.55 to $938.60 per ounce.
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