Survey: Economists see prolonged recession
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AP
Published: November 17, 2008
A survey of the nation’s top business economists finds a worsening outlook through next year.
Downgrading the forecast amid the growing financial crisis, the National Association for Business Economics survey looks for gross domestic product to fall 2.6 percent in the final quarter of this
year. The group’s panel of 50 economists sees growth of just 0.7 percent in 2009.
Some 96 percent of the panelists believe that a recession has begun. The economists expect the jobless rate to rise to 7.5 percent by the end of next year.
They look for home sales and housing starts to hit bottom by the middle part of next year.
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