Economists Believe Recession Will End in '09

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The nation's top economic forecasters predict the economic recession will end later this year.

The news comes out of a survey conducted by the "National Association for Business Economics".

Some 74 percent of those surveyed believe the economy will see growth starting in the third quarter.

But warn the recovery will be moderate.    

Unemployment will likely continue to grow and Tara Sinclair at George Washington University predicts it will be years before the labor market recovers.

Also, she says, don't expect the financial sector to bounce back to pre- recession levels.

"We're not necessarily going to see a financial sector at the levels we saw before any time soon," said Sinclair.  "We're definitely going to see less debt available: less consumer debt, less business debt, we're going to see less leveraging in all areas for the foreseeable future."  

Sinclair says she hopes the recession is teaching families the importance of saving.

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