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Business forecasters say recession unlikely

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New York-Business economists believe a U.S. recession is now unlikely because of "aggressive" rate cuts by the Federal Reserve, according to a survey conducted during the last two weeks of April by the National Association for Business Economists. The survey reflects the consensus of macroeconomic forecasts from a panel of 27 professional forecasters who are members of the NABE. The survey was taken before the U.S. Labor Department released the April U.S. employment report showing big downturns in total and manufacturing payroll jobs. The Fed has slashed short-term borrowing costs by two percentage points so far this year to 4.5% in its ongoing effort to revive the sluggish economy.
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