ANN ARBOR, Mich. (AP) -- University of Michigan economists say the U.S. economy is in a recession that will worsen until mid-2009.
The economists unveiled their annual national economic forecast Thursday.
They expect the recession to bottom out in the middle part of next year, but say the country will see only modest economic growth in 2010 with unemployment above 8 percent throughout that year.
They expect the nation to lose about 2.4 million jobs over the next 18 months.
Michigan economist Joan Crary characterizes the recession as "moderately severe," but says she expects a stimulus package that will be put in place early next year will keep it from becoming worse.
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