Economists see prolonged recession

Story Created: Nov 17, 2008 at 5:28 AM EST

Story Updated: Nov 17, 2008 at 5:28 AM EST

(AP) - A survey of the nation's top business economists finds a worsening outlook through next year.

Downgrading the forecast amid the growing financial crisis, the
National Association for Business Economics survey looks for gross
domestic product to fall 2.6 percent in the final quarter of this year. The group's panel of 50 economists sees growth of just 0.7% in 2009.

Some 96% of the panelists believe that a recession has begun. The economists expect the jobless rate to rise to 7.5% by the end of next year.

They look for home sales and housing starts to hit bottom by the middle part of next year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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