The Evidence Points Toward Recession

The economic downturn rivals the recession in 2001, according to the Deloitte Research Leading Index of Consumer Spending. "This significant drop in the index gives us empirical data of what many have long suspected," says Carl Steidtmann, chief economist with Deloitte Research and author of the monthly index. "The current economic downturn is as significant as anything we have seen since the last recession." The firm also reported these findings - Real Home Prices: The fall in house prices intensified, the company believes, and contends the home market shows no sign of bottoming out, with residential spending falling 26.7 percent in the first quarter of 2008. vs. the first quarter of 2007

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