NEW YORK (TheStreet) -- As investors continue year-end portfolio shuffling next week, they'll be keeping a sharp eye on jobs and consumer data that are key to a sustained recovery.
It has become increasingly clear that the economy is likely to go through an extended recovery, rather than a quick drive upward as in past recessions. In previous cycles, consumer spending and housing rebounded swiftly, but this time around, with predictions that unemployment will remain high through 2010, few expect that type of resurgence.
"High unemployment, which stands at 10% ... will slow the pace of recovery as it puts downward pressure on wages," Leo Grohowski, chief investment officer at BNY Mellon Wealth Management, said in a recent report. "Even as cyclical conditions improve, companies will remain reluctant to hire."
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