(NEW YORK) -- The doom and gloom crowd is predicting that the U.S. economy is heading toward another recession, perhaps worse than the one that began in late 2007.
But the Manhattan-based Economic Cycle Research Institute is doing the naysayers one better: it says the second recession is already here.
Lakshman Achuthan, the institute’s CEO, claims that if that particular prognostication is wrong, it merely means another recession is right around the corner.
The Economic Cycle Research Institute has had a pretty good record in forecasting economic downturns, having been right over the past 15 years. A recession is typically characterized by two or more quarters of declining gross domestic product.
Meanwhile, Achuthan says that if Americans think the unemployment situation is intolerable at the moment, they're in for a rude awakening. He believes the jobless rate will reach double digits, resulting in more misery for the millions who've been out of work for months and years and new hardships for many still working.
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