Economists Pessimistic, Recession Expected
Economists have become pessimistic about the U.S. economy and fear a recession in the coming months.
On April 21, the National Association for Business Economics (NABE) said that the 109 members who responded to its quarterly survey were “notably downbeat” about their first-quarter experience as well as near-term prospects. Other economists warned the nation's homebuilders that the sinking sector may not hit bottom for another year.
"For the first time in five years, reports of falling profit margins outnumbered reports of rising margins in the first quarter of 2008, while demand . . . grew more weakly than at any time since the recession of 2001," said Ken Simonson, chief economist for Associated General Contractors of America.
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