NABE Outlook: Panel Sees Prolonged Recession

NABE Outlook: Panel Sees Prolonged Recession
Business economists became decidedly more negative on the economic outlook for the next several quarters as a result of the intensification of credit market stresses and evidence of spillover to the real economy.

"The National Association of Business Economists' poll of 50 professional forecasters released on Monday found that real gross domestic product was expected to fall 2.6 percent in the fourth quarter and slump 1.3 percent in the first three months of 2009.
Preliminary government estimates showed GDP contracted 0.3 percent in the third quarter. The results of the survey, which was conducted between October 28 and November 7 indicated growing pessimism among forecasters."

(NABE® is an association of professionals who have an interest in business
economics and who want to use the latest economic data and trends to
enhance their ability to make sound business decisions. There are approximately 2,500 members representing more than 1,500 businesses and other organizations from around the world.)