Despite Stock Plummet, Recession May Be Over
COLUMBUS, Ohio—A local financial analyst said the recent drop in stock value, plus the rise in unemployment is not an indication that a recovery from the recession is over or even premature.
Bradley Huffman of Future Finances, Inc. of Columbus said the setbacks are expected.
“What you’re seeing is a reality check,“ Huffman said. “Any normal market is going to have some retracement ... hiccups along the way.“
He said recent unemployment rises can be traced to the fact that people no longer spend money like they used to.
“If everyone saves, it hurts the economy” Huffman said.
He said personal savings are up 6 to 7 percent.
Before the recession, personal savings were in the negative numbers.
He also claimed the recovery could take years.
“It’s not going to be a sprint from here,“ he said.
For additional information, stay with NBC 4 and refresh nbc4i.com—Where Accuracy Matters.
To submit a story idea or news tip, e-mail
.
MORE: NBC 4 Local News | Local Crime News
NBC 4 SPORTS: Sports News, Video
NBC 4 POLITICS: Headlines, Interactives & Video
Reader Reactions
That,s laughable “the recession is over”!
did he not see the unemployment numbers that were released yesterday o that’s right the president spent more time talking his loss (I mean Chicago’s) to Rio for the Olympics then he did the unemployment report 7 minutes on the olympics 2 1/2 on the numbers I think he is still him shock that some one told him NO!
I don’t expect the recession to end now. If this is truly the worst economic disaster since the Great Depression, it simply isn’t going to end in 12 months.
Further more, if you look at the recovery period of the great depression, there were plenty of small recoveries that were short lived. 3 months of success followed by another 12-24 months of pain.
As far as everyone saving hurting the economy, that is too simple of a view. As people save the banks will have more money to loan, which will drive down the interest rates(or would if they weren’t artificially controlled), this will lead to increased loans and spending.
Advertisement