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Merrill Lynch: "Commercial construction boom turns bust" (pdf)

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Pasted below because I know you hate pdf... ************************ Merril Lynch, Weekly guidebook for the global investor April 18, 2008 Macro viewpoint Forecast update Spring cleaning of our investment outlook Decline in H1 GDP likely twice as deep We did some spring cleaning of our GDP forecast this week, dusting off our assumptions about how well business sector spending is faring given the roiled financial markets and tighter credit conditions. The result was a four-tenths haircut to our 1H GDP forecast to -0.7% annualized from -0.3% previously, driven by a quicker downturn in nonresidential investment spending and a sizable inventory correction in the auto sector. Shading down 2008 GDP to 0.7% from 0.9% For the most part, the balance of our outlook is right ...

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