The consensus now expects the 30 Dow Jones Industrial Average (US:DJIA) companies to post just 1%-1.5% year-over-year top-line growth for the third quarter, on average, down sharply from a range of 3%-3.7% two months ago, according to Nicholas Colas, ConvergEx Group chief market strategist.
“We are fast approaching levels where these estimates are unambiguously pointing to the risk of a U.S./global recession later in 2012 and into 2013,” Colas wrote to clients in a research note published Friday.
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