Is the economy recovering? Southwest Corporate FCU members want to know. According to spokesman Terry Young, registration for the corporate's Oct. 27 and 28 Economic Forum is on pace to exceed last year's record attendance of 450.
"As of today, we have 425 with three weeks to go," Young said.
Keynote speaker Martin Feldstein, Harvard University professor of economics, is expected to tell attendees that the U.S. will experience a double-dip recession.
Feldstein is a member of President Barack Obama's Economic Recovery Advisory Board, and served both Presidents George W. Bush and Ronald Reagan. According to him, the Obama Administration must deal with two hurdles: bank balance sheets and downward pressure on real estate prices. He said the administration doesn't have effective policies in place to address either problem.
NAFCU echoed the "it ain't over yet" message in its Employment Macro Data Flash released today. The U.S. lost more jobs than expected in September, and NAFCU reported the unemployment rate is expected to rise to 10% by year-end, and remain above 9% throughout 2010.
"This will keep consumer spending subdued, while employers will refrain from hiring new employees until they can be sure that the economy is growing at a strong sustainable rate again," wrote Katrin O'Connor, NAFCU staff economist.
