Report: Longest US Recession Since WWII

LOS ANGELES- A ray of hope was offered in yet another, otherwise gloomy, economic forecast issued Wednesday by regional economists, who projected “moderate improvement” in the national, state and regional economies by year’s end.

“You’ve got the economic stimulus package, President Obama’s mortgage package he introduced (Wednesday), and a lot of people are starting to say the housing industry will start to bottom out in 2009,” said Jack Kyser, one of the authors of the report from the Los Angeles County Economic Development Corp. “We are looking for some improvement; it’s going to be modest improvement.”

The LAEDC’s 2009-2010 Economic Forecast & Industry Outlook shows negative trends in most business sectors with some key industries, including fashion, entertainment and finance, facing changed business models. According to the report, there are “difficult times ahead for the nation, the state and Southern California through most of 2009.” The report shows the economy finally reaching bottom by this summer.