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Worst yet to come: White House economic advisor
When it comes to the economic crisis, the worst is yet to come, top White House economic advisor Lawrence Summers said Saturday.
"I don't think the worst is over," Summers told the Financial Times. "It's very likely that more jobs will be lost. It would not be surprising if GDP has not yet reached its low."
The US Commerce Department is scheduled to publish on July 31 its first gross domestic product (GDP) estimates for the second quarter, and economists are expecting a continuation of the decline that began last winter.
Indicators published last month suggested that the US economy had overcome the worst of the crisis, with a 5.5 percent GDP annual rate in the first quarter, after the previous quarter's 6.3 percent decline.