Recession Will End This Year

But growth will be sluggish through 2010, says Paris development group
By Jason Farago,  Newser Staff
Posted Jun 24, 2009 6:53 AM CDT
A board with job postings is shown at a training center in downtown Portland, Ore., Friday, June 19, 2009.   (AP Photo/Rick Bowmer)
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(Newser) – The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and grow by just 0.9% in 2010. The OECD also said that the housing market slump "may be approaching an end" and that the supply of unsold homes is declining.
(Read more Organization for Economic Cooperation and Development stories.)