Survey Shows Recession Slowing Down, But Not Over Yet

Summary: The impact of the recession in the US appears to be easing but the National Association for Business Economics said that it is likely not over yet.

Majority of the respondents in the survey said that they have not yet seen the bottom.

A new survey conducted by the National Association for Business Economics showed that recession begins to flat line and will soon start it climb back on top. However, the economists believe that it is still not over as demands for the second quarter of 2009 continues to decline.

Some 102 respondents, according to the survey, believe that their companies have not yet seen the worst. They also said that this only proved that there will be no immediate recovery for the US economy in the coming months.

IHS Global Insight managing director of global macroeconomics Sara Johnson said that a large evidence of recovery is at hand. But it will be a long dig before the US economy emerges from its grave.

Johnson, who analyzed the NABE report, said the survey also showed that the decline has narrowed down despite the slow demand in the second quarter of 2009. She said that the data has shown a rising prospects for the continued stabilization for the second half of the year.

The recession, which started since 2007, caused major job losses and bankruptcy among major businesses in the US. It is the longest recorded economic turmoil since the Great Depression.