The economy's deterioration has led many people to believe the U.S. is headed for recession — if it's not already in one.
Despite the risk, researchers at the University of Tennessee, Knoxville, expect the economy to avoid recession but continue an economic slowdown in 2008.
That is among the findings and projections included in the annual Economic Report to the Governor of the State of Tennessee prepared by UT's Center for Business and Economic Research (CBER) and released today.
Figures posted at the end of 2007 and beginning of 2008 — a weak national labor market in December, job losses in January, U.S. gross domestic product growth of only 0.6 percent in the fourth quarter of last year and reports of a weakening service sector — are a cause for concern.
"Tennessee, too, has seen a weakening of economic conditions, but to date there are few, if any, signs that the economy is actually contracting," said Matt Murray, CBER associate director and project director who helped develop the forecast.... read the rest of the story by Subscribing now.