Friday, April 10, 2009 at 09:31AM | Staff U.S. Economy Turning Corner; Recession Abating
Recession Is Winding Down
There is mounting evidence that the recession is already winding down, and that the United States economy is turning the corner and set to emerge from recession in the second half of 2009.
The housing sector especially is showing more signs of life and activity, more real estate professionals are indicating to me that their activity is up slightly, and consumer spending has shown positive gains during the first quarter of 2009.
Survey Says
A survey conducted by The Blue Chip Economic Indicators of private economists released today showed that 86 percent of the economists that responded to the survey believe that the economic downturn is easing and will end during the second half of 2009.
Real GDP contracted very sharply during the first quarter of this year [2009] and will continue to shrink, albeit more slowly in the second quarter before turning very modestly higher in the third and fourth quarters, the survey said.
It is anticipated that the pending economic turnaround would involve improvement in consumer spending, real estate, business inventories and exports.
