NEW YORK (CNN/Money) - A well-regarded group of economists has lowered its economic growth predictions for the second quarter, according to a report Thursday.

The 56 private economists surveyed by the Wall Street Journal's online edition cut a half percentage point off their gross domestic product (GDP) growth rate forecasts for the quarter. They now forecast a growth rate of 3.2 percent, down from a forecast of 3.7 percent last month, according to the Journal.

The article said some economists have noted that higher energy prices seem to be eating away at consumer spending, the main engine behind the country's economy.

The downward revision comes in spite of a surprise drop in the April trade deficit that some economists said will likely lead to an upward revision to first-quarter GDP, the broad measure of the nation's economic activity.

Other predictions made by the economists included a revaluation of China's currency in the near future and a belief that inflation was a greater danger to the economy than slowing economic growth, according to the Journal.

Surprise! The country's trade gap tumbles. click here.