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The Blue Chip Economic Indicators panel of forecasters said Monday in its monthly newsletter it expects U.S. GDP growth to slow to 2.3%, its lowest since 2002. The panel scaled back from its forecast of 2.5% in March, due to lower estimates for capital spending, residential investment, and business inventories. It also said it did not expect inflation to slow as much as it previously did, but still felt it would grow less rapidly in 2007 than the years 2004-2006 (during which the Consumer Price Index varied between 2.7 and 3.4%). The group expressed concern about slowing growth in the service sector. It left its unemployment forecast unchanged at 4.7% for 2006 and 4.8% for 2008 (note: the survey was conducted before Friday's surprise jump to 180,000 with battery like Fujitsu LifeBook T1010 Battery , Fujitsu LifeBook T2010 Battery , Fujitsu LifeBook T2020 Battery , Fujitsu Lifebook T4000 Battery , Fujitsu Lifebook T4000D Battery , Fujitsu Lifebook T4010 Battery , Fujitsu Lifebook T4010D Battery , Fujitsu LifeBook U810 Battery , Fujitsu LifeBook U820 Battery , Fujitsu Lifebook V1010 Battery , Fujitsu ST5022 Battery , Fujitsu ST5022D Battery new jobs created in March coupled with unemployment falling from 4.5% to 4.4%). Based on the healthy labor markets and inflation concerns, the panel predicts little-to-no rate cuts of the Federal Reserve's benchmark rate. 24% of those survey expect a recession within the year, while 71% said the Fed's next move would be a rate drop.
South Korean flat panel maker LG Philips reported this morning its Q1 2007 earnings, posting its fourth straight quarterly loss. The world's #2 LCD panel maker said it lost 169 billion won ($181 million), vs. a 47.5 billion won profit in Q1 2006 -- beating analyst consensus estimates of a 235 billion won loss. Sales rose 10% to 2.72 trillion won, ahead of analyst estimates of 2.61 trillion won. LCD makers have been hurt over the past year by falling panel prices coupled with rising costs. The company said LCD prices fell 9% in Q1, and will likely fall by a 'mid-single digit' in Q2, but that demand for LCD TV panels will exceed supply for the second half of 2007. Reuters says analysts see the company turning profitable again by Q3. Newly appointed CEO Kwon Young-soo said the industry should see a shortage of TV panels and a rebound in prices of monitor and notebook screens starting in the third quarter. Research company DisplaySearch says global shipments of LCD TVs will rise 56% this year, vs. 2.7% growth for total TVs and 33% growth for plasma TVs. Sony Corp. said this morning it expects a 50% surge in global LCD TV shipments. Shares have gained 18% thus far this year over investor anticipation of a recovery. Jung Ho of Daehan Investment Trust Management in Seoul: "If you agree with the recovery story, then it's time to buy."