US economic outlook trimmed. FedEx relatively upbeat
The US Federal Reserve has downgraded its forecast for US economic growth in 2011 from 3.1-3.3% set in Apr-2011 to 2.7-2.9%, while the outlook for 2012 has been trimmed from a range of 3.5-4.2% to 3.3-3.7%. Unemployment has remained stubbornly high and the Fed now expects an average jobless rate of 8.6-8.9% in 4Q2011, compared with earlier projections of 8.4-8.7%.
