Economists less bullish as early 2012 gains wither

[July 16, 2012]  DALLAS (AP) -- Economists say the sales and profit gains of early this year are disappearing, and they are increasingly pessimistic about short-term growth.

They are also gloomy because of the potential impact in the U.S. from Europe's financial crisis, the possible expiration of the Bush tax cuts in December, and the prospect of major cuts in federal spending.

A survey by the National Association for Business Economics released Monday also found less evidence of hiring, confirming the trend in recent monthly jobs reports from the government.

[Associated Press; By DAVID KOENIG]

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