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Economy Likely To Worsen Before It Improves
Chicago AP reports the U.S. economy may worsen into an inflationary recession, despite Treasury Secretary Blumenthal saying no recession is likely this year. Economists differ, with Chase Econometrics predicting no growth this quarter and declines afterward. Rising energy costs and oil prices push prices higher while leading indicators fell 3.3 percent in April, signaling a slide toward a possible recession similar to 1974-75 but not as severe.
MENTIONED IN THIS ARTICLE
Chicago
Treasury
Michael Blumenthal
Carter
James Heins
University of Illinois
Blumenthal
Chase Econometrics Associates
New York
Chase Manhattan Bank
Leon Taub
Chase Econometrics
Federal Reserve
Taub
Heins