US Biz Climate Worst in Nearly 3 Decades

Survey finds strapped firms are pessimistic about 2009
By Jim O'Neill,  Newser User
Posted Jan 26, 2009 9:19 AM CST
General Motors Corp.'s Lordstown complex east plant, like other auto plants, has slowed production because of weak demand.   (AP Photo)
camera-icon View 2 more images

(Newser) – A deepening recession in the fourth quarter of 2008 has business conditions for US firms at their worst levels in 27 years, reports Reuters. A National Association of Business Economics survey also showed decreasing expectations for a turnaround in 2009, with most poll respondents expecting the recession to worsen and GDP to slump. The association also forecast continuing job losses.