How’s the economy in your hometown?

By Barbara Hagenbaugh, USA TODAY

On the campaign trail and in homes across the USA, the debate is underway about whether the U.S. economy in 2008 will see its first downturn in seven years.

Despite the recent onslaught of negative news, it remains unclear whether the current state of affairs meets the economists’ definition of a recession: a widespread decline in economic activity lasting more than just a few months. As in politics, all economics is local.

Mark Zandi, chief economist at Moody’s Economy.com, for example, believes the U.S. economy is in recession.

WHAT THE FED SAYS: Its latest regional look at the economy

But the contraction is far from uniform. Zandi’s firm estimates that in January, 30 state economies were expanding while 15 were “at risk” of slipping into recession.

Click to continue reading this story

Recent Blog Posts on This Topic:

• Austin Real Estate & The Texas Economy
• Austin & The National Recession

Tags: austin real estate //