Scott A. Anderson, senior economist at Wells Fargo Economics, has the following prediction:
Plunging into the New Year. The U.S. economic outlook has deteriorated rapidly in recent months. I believe we are in the worst recession in the post-war period in terms of both duration and depth. Some highlights from the year ahead:- Another 3.7 million jobs lost,
- an unemployment rate jumping to between 8.5 and 9.0 percent,
- a period of deflation,
- double digit declines in business spending and export growth,
- but a housing market that enters the road to recovery.
Forecasting is not worth the bother, because it's based on the past. Just look at the forecast accuracy for 2008. What businesses need to do now is scenario planning based on the future. That will better prepare them for 2009 and beyond. Read more at http://www.ThePhoenixPrinciple.com