TIME'S economists see scant price relief, more unemployed
It will be longer and deeper than even the pessimists were predicting only a short time ago.
That is how TIME's Board of Economists views the Recession of '79, which it forecast as early as last November and which began in April. The bipartisan board agrees that the worst is yet to come: the recession will last 12 to 15 months rather than six to nine months, as previously forecast. The economy will shrink 3% during the decline rather than just 1% to 2%. Meanwhile, inflation will remain near 10%. Not until next summer...
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