Thursday, October 29, 2009

The Commerce Department is expected to announce the official end to America's recession

Economists: Commerce Department to announce end of recession
The Commerce Department is expected to announce the official end to America's recession in a report Thursday, but it won't be the robust comeback needed reverse the nation's soaring unemployment, economists said. Most forecasts anticipate that the official data will show that the U.S. economy expanded about 3% in the three-month period that ended Sept. 30. The economy is widely expected to post weaker growth figures for the current quarter. "I don't see a rosy picture," said Peter Morici, former chief economist at the U.S. International Trade Commission. The economy needs growth of 3% or more for three quarters to reduce unemployment, he said. Los Angeles Times


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