WASHINGTON (AP) — The National Association for Business Economics is painting a glum picture for this year.
Its forecasters say the country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent economic troubles.
And the NABE says America's jobless rate - now at 7.6 percent, the highest in more than 16 years - is expected hit a peak of 9 percent this year. The new estimates are roughly in line with other recent projections, including those released last week by the Federal Reserve.
All told, NABE forecasters now expect the economy to shrink by 1.9 percent this year, much more than the 0.2 percent dip projected last fall. If the new forecast is correct, it would mark the first time since 1991 the economy actually contracted over a full year and would be the worst showing since 1982, when the country had suffered through a severe recession.
This program aired on February 23, 2009. The audio for this program is not available.