Wednesday, September 12, 2007
UCLA: Economy Near Recession
From the LA Times: Economy will hover near recession, forecast says
The nation's economy will be so sluggish well into next year that any major hiccup could tip it into recession, UCLA's latest economic forecast predicts.
The end of easy credit and a further decline in home construction are sending the economy into a "near-recession," with growth hovering at just above 1% through the first three months of 2008, according to the UCLA Anderson Forecast to be released today.
The forecast presents a gloomier outlook for jobs and the housing market. The nation's unemployment rate will rise to 5.2% by mid-2008, up from the current 4.6%.
And the forecast for housing starts is grim:
The group sees [housing starts] bottoming out at 1 million units annually, down from the previous forecast of about 1.2 million.
Read more...
The nation's economy will be so sluggish well into next year that any major hiccup could tip it into recession, UCLA's latest economic forecast predicts.
The end of easy credit and a further decline in home construction are sending the economy into a "near-recession," with growth hovering at just above 1% through the first three months of 2008, according to the UCLA Anderson Forecast to be released today.
The forecast presents a gloomier outlook for jobs and the housing market. The nation's unemployment rate will rise to 5.2% by mid-2008, up from the current 4.6%.
And the forecast for housing starts is grim:
The group sees [housing starts] bottoming out at 1 million units annually, down from the previous forecast of about 1.2 million.
Read more...
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