WASHINGTON — The United States is already in a recession that will last "well into 2009," the Credit Union Economics Group is forecasting.
The one bright spot is that there won't be inflationary pressure, the group says.
"Our consensus paints a clear picture of the economy finishing the year on a very weak note, with that weakness continuing through 2009," said CUNA Mutual Group Chief Economist Dave Colby, a member of the group. "CUEG does not anticipate a strong deposit surge at credit unions during this economic cycle like we saw in 2001."
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