Economists are becoming increasingly gloomy on the nation's economic prospects, with some forecasts showing a recession or continued little or no growth through perhaps even through 2009. Unemployment is forecast to now exceed 8 %, and 9 % is not out of the question. Energy prices will continue to rise and the corresponding ripple in prices of other goods and services will continue to be upward, perhaps as much as 8 to 10 % for some products. Interest rates will probably be cut another 1 1/2 to 2 % before years end, fueling additional declines in the value of the dollar internationally with the Euro perhaps getting to $1.65 or more in value and the Canadian dollar exceeding $1.10. One thing is certain: 2008 is going to be a sorry bad year for most Americans economically. Hopefully with a new administration in less than 12 months, an upturn will begin sooner than later in 2009.*****
No comments:
Post a Comment