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Economists Assure Brokers Recession Not Likely This Year

WHITE PLAINS-Two noted economists told commercial brokers that while the economy is definitely slowing down, a recession is unlikely this year. In fact, both predicted the economy will pick up by the second half of this year.

By John Jordan | Updated on February 16, 2001

WHITE PLAINS-In a case of good news, bad news, two respected economists told commercial brokers who attended a conference on Thursday, (Feb. 15) that while the economy has definitely slowed down, it is not in a recession. Both later agreed that the likelihood of a recession in 2001 is unlikely.

The presentation by the National Association of Industrial and Office Properties New York City/Westchester and Fairfield County Chapter featured Nicholas S. Perna, president of Perna Associates and Hugh F. Kelly, CRE, chief economist for Landauer Realty Group, Inc. The session was held at Reckson Associates Realty’s 360 Hamilton Ave., building Downtown.

“Are we in a recession, the answer is no. Will we be recession, maybe, but it is less likely than not being in recession,” Perna related. He said that while job growth has slowed, the number of job creations is still growing. “You can’t have a recession without a decline in jobs.”

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