BUSINESS BRIEFING / THE ECONOMY
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Times Staff and Wire Reports
The nation’s largest banks expect the economy to recover from its deep slump by late summer but remain weak until next year.
“The economy will return to growth but not to health,” said Bruce Kasman, chief economist for JPMorgan Chase & Co. and chairman of the American Bankers Assn.’s Economic Advisory Committee.
The committee expects gross domestic product to rise 0.5% in the July-September quarter, after falling a projected 1.8% the previous quarter.
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