Charles Plosser, president of the Federal Reserve Bank of Philadelphia expects the U.S. economy to slowly start recovering in the second half of 2009 and inflation to remain below 2 percent over the next year.
In a Wednesday speech at the University of Delaware, Plosser indicated that he didn't expect the unemployment rate to drop soon, but that it wouldn't rise to the double digit levels experienced in the early 1980s.
You can read the rest of the article on his speech here.
In Maine, economist Charles Colgan, at his annual "Breakfast with Charlie" at the University of Southern Maine, offered a far less rosy picture.
According to Colgan, Maine's economic woes will be with us well into 2010, without any significant thaw until the third quarter of that year. For more on Colgan's chilly forecast, visit the Muskie School's website.Wouldn't it be nice if we could prove the experts wrong, and find a way out of this nosedive sooner?
