Takeaway #1
Nothing good happening soon. "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. The new estimates are roughly in line with other recent projections, including those released last week by the Federal Reserve. " Jobless rates will continue rising into possibly 2013 some noted analyst predict. Housing project to weaken further in 2009-10. Some turn around in housingTakeaway #2
" In terms of lost economic activity in 2009, the biggest hit will come in the first six months, forecasters said. "NABE forecasts the economy to slide backward at 5 percent current January-March, a downgrade from the 1.3 percent annualized drop projected in the old survey. "Takeaway #3
Goodyear Tire & Rubber Co . will cut nearly 5,000 jobs, or almost 7 percent of its work force. GM 50,000.
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synopped by: silacon (reach: 48)
category: US News
Forecasters: Economy Worse In '09, Better In '10 Aol Money & Finance
