University of Michigan report paints a bleak picture.
ANN ARBOR -- The Dow Jones Industrial Average plunged over 400 points Thursday, closing at 7500, and things are likely to get worse.
So says the annual report on the economy filed by University of Michigan economists.
They say the U.S. economy is now in recession and it will worsen until mid-2009. They expect the recession to bottom out at that point.
But they say the nation will see only modest economic growth in 2010, and the unemployment rate will remain above eight percent throughout that year.
The nation's current unemployment rate is 6.5 percent. Michigan's jobless rate is 9.3 percent.
TV Station Profiles & Public Inspection Files forWLUC