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First Union Executive Expects Hard Landing for Economy.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, February, 2001 by Dochat, Tom
Feb. 1--Despite lower interest rates, First Union Corp.'s chief economist predicts the economy will have a "hard landing" by midyear, with gross domestic product growing by 1.5 percent in the third quarter.
G. David Orr, senior vice president at First Union, also expects corporate operating profits to be down 5 percent to 7 percent during the year, representing "sort of a hard landing but not necessarily a full-fledged recession."
But Orr wasn't all doom and gloom in his speech Wednesday to 450 people at the Harrisburg Regional Chamber's annual McKinley Economic Forecast Luncheon at the Harrisburg Marriott Inn.
Orr noted that some sectors of the economy, particularly service-related industries, won't feel much of a pinch in the slowdown....
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