Economy, Economist | featured news

The committee of academic economists that dates the beginning and end of recessions said it isn't ready to put an end date on the recession that began in December 2007.

Economists had expected the snowstorms to have a bigger impact, but job losses were surprisingly mild in February as employers cut 36,000 jobs.

Unemployment will top out this month at 12.7%, but the recovery will take years, UCLA economists say.

California's jobless rate is close to peaking, but the recovery will be sluggish, with employers not expected to resume hiring until at least next spring, according to new forecasts by UCLA and other analysts.

Economists expect the joblessness that has weighed down the nation's economic recovery will start to slowly abate in 2010, but they predict consumers will continue to keep a tight rein on spending, according to a new survey.

President Obama said he was looking for a "careful balance" when sketching his blueprint to stabilize the nation's financial sector and wring from the system the kind of risky practices that propelled the country into economic turmoil.