U.S. Recession Worst in Three Decades, Business Economists Say
Originally posted on Bloomberg
The U.S. recession will be the worst in more than three decades as job losses mount and consumers and companies retrench, a survey of business economists showed.
The world’s largest economy will shrink by 1.9 percent this year and a total of 2.8 percent in the current downturn, the most since the 1973-75 slump, according to the median estimate in a poll taken by the National Association for Business Economics. Another 3.2 million Americans will be cut from payrolls in 2009, pushing unemployment to 9 percent by year-end, NABE said.
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