6:05 am August 14, 2009, by Henry Unger
The recession is over, two Georgia economists declared yesterday. But you’re not going to relish the recovery.
“The recession ended in July and the recovery began this month,” Jeffrey Humphreys, director of economic forecasting at the University of Georgia’s business school, said Thursday at a real estate symposium, AJC reporter Gertha Coffee writes.
Roger Tutterow, professor of economics at Mercer University, agreed with Humphreys that the recession — which started in December 2007 — has ended. But he expects “several more months or even quarters of sluggish performance.”
In fact, unemployment will rise.
Humphreys forecasts 3 percent growth for the third quarter of 2009, dropping to 1.5 percent in the fourth quarter. The first quarter of next year will also post sluggish growth.
“Then, we will see acceleration when job growth picks up,” he said.
The financial problems were so serious that a quick recovery is just not in the cards.
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