Have we seen the worst, and what does the outlook really mean for area businesses?
After being beaten and battered in 2009, the U.S. economy is finally limping its way back to recovery.
A recent survey by the National Association for Business Economics (NABE) reported that more than 80 percent of top economists surveyed believe that the worst is over. But these same economists also expect the recovery to be rather slow and painful, with massive increases in federal debt and unemployment rates that are expected to remain very high through next year.
The economic recovery also is likely to be more moderate than those typically experienced following steep declines. As local economist Dr. Todd Nesbit of Penn State Erie and the Economic Research Institute of Erie (ERIE) explains, the 2010 economic climate could be described as a “tamed recovery” at best.
Economists Todd Nesbit, Ph.D. and James Kurre, Ph.D. address the outlook for 2010 in the December 2009 issue of the Business Magazine.
