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Weak recovery predicted in late 2009
The US economy may start to see the beginning of a weak recovery from about the middle of this year, according to the chief economist of Bank of New York, Richard Hoey.
Hoey has used Bank of New York's latest market commentary to state that he expects the official recession trough to occur around the middle of this year and that it will be followed by a weak recovery.
"We expect a sub-par recovery, with the unemployment rate likely to move into the 9 per cent to 10 per cent range before its cyclical peak," he said.
"We expect a worldwide pattern of low capacity utilisation, very high unemployment rates and difficulty in restarting substantial economic expansion," Hoey said.
He said in these circumstances, economic expansion would feel like a recession.
AUTHOR
Mike Taylor
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