Posted on 09/10/2009 5:24:22 AM PDT by Red in Blue PA
The U.S. employment picture will stay bleak well into next year long after the recession ends, but the worst of the labor market crisis is over, top private economists said on Thursday.
Private economists polled for the Blue Chip Economic Indicators September survey say the unemployment rate will reach at least 10 percent in early 2010 and "recede from that level only grudgingly over the second half of the year".
More than 80 percent of the 52 private forecasters polled say the recession that started in December 2007 has ended.
They look for gross domestic product to expand at a brisk 3.0 percent annual rate in the third quarter of 2009 and rise 2.4 percent in the fourth quarter. This compares to growth rates of 2.2 percent and 2.3 percent respectively forecast in the previous survey.
(Excerpt) Read more at cnbc.com ...
Did any of these forecasters predict the current recession?
Interesting forecast, given that foreclosures, inflation and unemployment continue to rise. Let’s see what their explanation is going into the winter, once the false economic bump we alawys get during the summer months comes to an end.
Bingo.
The recession is “over” even though housing is still in the crapper, people are still out of work and neither situation is improving. As spending accounts for almost 70% of the economy, who is going to be doing all of the spending????
Can't wait to hear these “geniuses” explanation this coming December. Unemployment will be approaching 12%, business/industry that can survive will head to other countries and the Dollar will be less valuable than newsprint.
It WON'T be inflation, it will be DEFLATION! And a complete disaster for all of us. But hey! We will all have Obama Care and Crap & Tax crammed down our throats, thanks to the new one party rule.
Mark my Words this time. I predicted most everything ObaMao would do up to this point, last September.
ROFLMAO!
Obama and his brilliant economic policies have saved us.
Let’s see what he and his advisors can do with our health system. Maybe they can fix that, too.
Prosperity is just around the corner.
Thank you, King Baraq.
If the almighty passes health care destruction then any ‘recovery’ isn’t going to last long.
This is the hard-left, they won’t tolerate anyone earning money, you know.
The tax rape is just ‘round the corner.
LET THE GOOD TIMES ROLL!
The recession started in December 2007?!!? We had negative growth then? These guys keep changing the definition of recession to fit the message they want to send. When it was Clinton, the economic slowdown started under GHW Bush. When GW Bush started in office, the recession that actually started months before he took office was changed to have started after he took office. These guys are constantly chaning the story to blame Republicans..........
Ya think?
Let me rephrase that: we has two or more quarters of declining growth in GDP around December 2007? I thought the economy was still booming then.
How in the world is that going to happen? Almost 10% unemployment, people have cut back on borrowing, consumer spending is 70% of the economy, and on top of that, businesses are being very cautious about their bottomline. Where is this magic 3% growth coming from? Funny numbers?
This week the Fed reported that consumer spending “fell” 21.6 billion in July. They had “expected” it to fall by 4 billion. Pretty close hey? Interesting thing about it was that revolving credit fell by l5.4 billion. Cash for Clunkers failed to ignite spending. Given that 70% of GNP is made up of consumer spending, it seems to me that declaring the recession “over” is nothing but a “feel good” Obama directive. And that my friends is why a deluge of Americans are about to descend on the beltway!! People aren't stupid and what they see around them is the true reality. If I were an incumbent up for reelection I would be afraid, very afraid!!
I've lived thru quite a few recessions.
As far as I can recall, every single recovery sported similar headlines.
“They look for gross domestic product to expand at a brisk 3.0 percent annual rate in the third quarter of 2009 and rise 2.4 percent in the fourth quarter. This compares to growth rates of 2.2 percent and 2.3 percent respectively forecast in the previous survey.”
What!?
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