Business Economists Predict Slower Growth

Washington, DC, March 28, 2016 -- Business economists are predicting weaker growth in the economy than they were late last year, according to a survey by the National Association of Business Economists.

In the survey, economists said they expected business profits would rise 2 percent this year, down from the 5 percent growth forecast in December.

Most economists have also lowered their outlooks for economic growth in 2016, now expecting growth of about 2.2 percent this year. That's down from a December prediction of 2.6 percent.

The economists have also lowered their expectations for 2017..

The economists said that consumers are using savings from lower gasoline prices to pay down debt or add to savings accounts.