The economy will crash deeper into recession in the 2nd half of 2009. Previous predictions of a second half recovery are not expected occur. The economy will actually get worse later in 2009. Unemployment will rise to a level above 9%. The economy is expected to shrink by almost 2% this year. That will make this the worst economic contraction since 1982. This gloomy news comes from leading forecasters in the latest survey by the National Association for Business Economics.
Unemployment Could Hit 9% This Year: NABE
By: AP | 23 Feb 2009 | 09:39 AM ET
Brace yourself: The recession is projected to worsen this year.
The country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent economic troubles.
And the U.S. unemployment rate—now at 7.6 percent, the highest in more than 16 years—is expected hit a peak of 9 percent this year.
That gloomy outlook came from leading forecasters in the latest survey by the National Association for Business Economics to be released Monday. (excerpt) read more at cnbc.com