The crisis in the housing and financial sectors has led to a dramatic slowdown in U.S. economic growth. Fourth quarter GDP growth and job growth are expected to be anemic and the economy may fall into recession in 2008. Indeed, several of the dozen members of the Nebraska Business Forecast Council do believe that the U.S. economy will likely slip into recession during 2008. However, the overall consensus of the Council is that the U.S. economy will avoid a recession. Economic growth will be slow in the first three quarters of 2008 before recovering in late 2008 and 2009.
Austin, John; Decker, Chris; Doering, Tom; Goss, Ernie; Johnson, Bruce; Johnson, Lisa; Lemke, Ken; Schwarz, Franz; Strain, Scott; Thompson, Eric; and Turner, Keith, "Risk and Recovery" (2007). Economics Faculty Publications. 5.