U. of Michigan: Recession to Get Worse

University of Michigan economists said Thursday that the U.S. is in fact in the midst of a recession and that the worst won't come until the middle of next year.

The economists said in a press release that they expect only modest economic growth in 2010, with unemployment above 8% throughout that year.

"The decline in employment that began at the turn of the year raised the specter of recession," said Michigan economist Joan Crary in a prepared statement. "Until the credit markets seized up, however, it appeared that the economy might squeak by with a 'growth' recession, enduring a period of job loss and very sluggish growth, but avoiding a full-blown recession. The financial crisis tipped the balance, curtailing economic activity and plunging the economy into a downturn. ...