The Japanese tsunami and earthquake are having a greater impact on the U.S. economy than previously expected.
According to CNBC.com, “A series of analysts have recently cut their second-quarter gross domestic product projections, based in large part on the impact that the Japan disaster is having on the automotive industry. Factory shutdowns and ensuing problems with getting parts have slowed vehicle production, a move likely to drive up prices, increase unemployment and slow consumer spending, according to recent projections from economists at Goldman Sachs and Deutsche Bank.”