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Local economist: recovery will be slow

Posted: April 15, 2009 @ 6:28 am In Today's Local News

A recent survey by Blue Chips Economic Indicators shows 86-percent of economists surveyed believe the economic downturn will end this year, but unemployment will continue to climb into next. Saul Mekies is a professor of economics at Kirkwood College. He says companies hurt by the recession won't soon forget. Mekies says the economy probably won't get any worse, but won't really start to improve until next year. He says so much of the country's financial infrastructure is based on confidence, which hasn't really come back yet. He points to recent comments by Federal Reserve Chairman Ben Bernanke who says he's "fundamentally confident."

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