CUNA on CNNMoney: 'Taste' of recession to linger
WASHINGTON (8/3/09)--The gross domestic product (GDP) shrank less than expected during second quarter, buoying Wall Street hopes that the recession may be nearly over. However, Credit Union National Association Chief Economist Bill Hampel warned CNNMoney that a "taste" of recession will linger.
"Although the recovery is about to begin, it is a technical recovery," Hampel said. "The economy will be growing, but growth will be so modest that 70% to 80% of the population won't notice it," he added.
"The unemployment rate is not going to improve for some time, so it will look, feel and taste like a recession well until next year," Hampel said.
For more detail on the GDP report, see Market News.
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